cgpm59

Just for a simple example's sake, let's say DS' financial aid package for 2012-13 included $10,000 in PLUS loans. We only applied for $5,000 for the fall semester and have saved some additional funds to go towards the spring tuition bill. If we need to, since the school already included $10K in our package, and we only applied for a portion of it, can we now apply for the remainder for spring?

Last year was my first year dealing with fin. aid, and we got the max PLUS loan amount in the summer before the 2011-2012 school year; half of it was disbursed for the fall semester and half for the spring semester. This year, I did the reverse and only took out enough loan funds for the fall. Just wondering if it's now possible to "get the rest of it," if we need it.

RunsWScissors

I believe you need to reapply for another loan. You should check with your college's financial aid office.

cptofthehouse

My understanding about the way PLUS works is that half goes to the fall and half goes to the spring when you apply. I don't recall if you can designate it to all go for the spring if you are asking for half the allowable amount or less. Perhaps Kelsmom or other fin aid guru can advise you of that, or a call into the fin aid office of the school.

I do know that you can get the full amount for the spring, however. So a student going just for the spring semester who can borrow $5500 total in Stafford, can get that full amount applied to his spring costs. But if he goes just for the fall semester, I believe he can only half of that for the fall. Makes no sense, but it works that way. It was a nice bonus for my friend whose son was deferred to spring admissions at UMD. He got the full $5500 for one semester which brought that term cost down to about $10K. He had taken some basic courses at home at a CC so he was not behind when he finished that first year and even got a jump start on his next year by staying the summer at low rent sublets, found a job and paying lower tuition for summer courses, something a lot of colleges do. He will graduate in three years. at a very nice discount when you add up all of the savings.

bschooltotech

You can use your available loan balance, all or in part, for any "payment period" i.e. semester, as long as you do not go over your calculated need. If you only used half of your PLUS loan for fall you can definitely use the other half for spring but you will have to apply for a new loan. Similarly if you wanted you could have used the entire PLUS loan for fall but then you would have been able to take out a PLUS loan in the spring. Remember the financial aid office is your best friend. Ask them.