<p>One D will be a junior attending a 4-year university, the other wants to enroll in an accredited certificate program. This is the first year we’ve needed to use financial aid. The university has a website to refer us to the loan application. Can I enter the amount needed for both schools? Does the PLUS loan work for non-4 year institutions?</p>
<p>You have to have a PLUS certified by the school your child is attending, based on the COA and other aid received by each child. Because of this, you need to apply for a loan for each child separately, even at the same school.</p>
<p>The PLUS loan will work for a non-4 year school. The way to know how much you will be eligible to borrow in PLUS is COA-all other aid (grants, scholarships, work study, employer paid tuition, Stafford/Perkins/HEAL loans). </p>
<p>If you have enough room in one of your children’s eligibility to borrow enough to cover what you need for both kids, you can do that. Often, the COA at a 4-year school offers enough padding (misc. expense allowance, travel allowance, book allowance) that you might be able to borrow more than you realistically need. In this case, you could use some of that PLUS to pay for the other student’s needs. Hope that makes sense …</p>
<p>We have had three kids in college. The process and contacts for PLUS loans are different at all three schools. One school requires a FAFSA. and none of the schools use the same screening agents.</p>
<p>Thank you for the information. So the Plus loan funds are not automatically sent to the school? I receive it personally and could use some to pay for the second school? I based how much of a loan I would ask for based on tuition/room and board/etc. minus her scholarship, Pell, Stafford sub and unsub = $ loan amount. How would I figure out how much extra I could apply for?</p>
<p>In my experience, they have been sent to the school. Excess could be sent to you after the school has taken what is owed. You ask the school what the maximum amount is that you can get under Pell, as the school has that official COA figure that determines that absolute maximum. You then subtract out the scholarships, PELL, other loans, etc.</p>
<p>I suggest getting the amounts from both schools rather trying to get all of it from one school since it does go to the school, and it may take time for the excess amount to go to you. In that time, you could incur late charges and other penalties (not permitting to register for a class, for example).</p>
<p>cpt is correct - some schools do hang on to the refund for awhile. It would be best to apply at both schools, given that fact. </p>
<p>Have you received an award letter from the schools yet? We send out an award letter that includes the Cost of Attendance - this confuses people, who often think that is what they will be billed. However, it is helpful for situations like yours, where you want to know how much you can borrow for PLUS. Go to the school’s website & look for Costs, Cost of Attendance, or Budget. This is the maximum amount a student can receive from all aid sources. Subtract out any aid such as scholarships, grants, loans, work study. The amount that remains is the maximum you can borrow in a PLUS loan. The EFC does not come into play in this scenario (since PLUS can be used to pay the EFC).</p>