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when to apply for PLUS/Strafford

css22css22 8 replies41 threads Junior Member
edited July 2006 in Parents Forum
My daughter is entering her Sr year in fall. When do you apply for (non-need based) loans? Thanks
edited July 2006
6 replies
Post edited by css22 on
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Replies to: when to apply for PLUS/Strafford

  • newmassdadnewmassdad 3792 replies56 threads Senior Member
    I assume you mean sr year HS.

    Since all these programs cap the amount at cost of attendance, I do not think you can apply until you know the COA, which means not until she has accepted at someplace. So than means next May, unless she is going to a rolling admissions school.

    There is really no advantage to applying too early. Also, many colleges have preferred lenders who will disburse funds directly to the school, saving you some hassle. Since these obviously vary from college to college, you really should wait.

    What you can do now is take a look at an application (easy to find on line) and, more importantly, check your credit file for errors now. It can take some time to clean up credit report errors.
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  • archermomarchermom 491 replies2 threads Member
    You can start by completing the FAFSA sometime in January to determine your expected family contribution. That will give you a general idea how much you will be borrowing and whether you qualify for subsizied or unsusidized loans.
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  • SpringfieldMomSpringfieldMom 1027 replies39 threads Senior Member
    This is a good question...Maybe this thread should be transferred to the Financial Aid forum...
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  • bluebayoubluebayou 27992 replies203 threads Senior Member
    late next spring or early summer, after you choose a college; no need to rush since funds aren't dispersed until fall. As nmd notes, many colleges have tie-ins with certain lenders (and likely receive a kickback, oops, I mean commission), that can speed the process, Also, if you complete the Profile, there is a box you can check to see if you want to participate in CollegeBoard's Stafford/Plus loan programs (run thru Sallie Mae). If so, they'll e-mail you info.
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  • lefthandofdoglefthandofdog 1463 replies7 threads Senior Member
    I think you can register with FAFSA in October of d's senior year (it helps to have an id and account set up before the rush) although you can't complete it until January. I think you have to fill out the FAFSA to qualify for any kind of Stafford loan(subsidized or unsubsidized), so even if you think you won't qualify for grants but are looking for loans, it's important to comply with the deadlines and fill out the appropriate forms.
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  • bluebayoubluebayou 27992 replies203 threads Senior Member
    good point, lhg...preregister in the fall and obtain PINs etc, which can take a couple of weeks if you wait until Jan.
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