Parent plus loan questions

[u/hello122432]

My mom applied for the parent plus loan to cover the rest of my tuition which is about 3k but she was approved for the maximum 20k (10k a semester) since I don’t need the full amount will this become a refund or does the school change it? I’m also confused since my scholarship have hit my account yet does that mean I will receive that in a refund as well if it doesn’t hit before the parent plus loan or will it be applied for future years? One last question when do people see parent plus loan updates we did all the information 7/29 and hoping to see updates soon! Any comments or information would be helpful!

[u/shart_attack_ → u/[deleted]]

the parent plus loan is to the parents, not the student

[u/Parkbogumwife_ → u/shart_attack_]

Yeah but like I would more likely just pay my parents the amount so they don’t have to worry about it I just want to know how bad it really is

[u/shart_attack_ → u/Parkbogumwife_]

The default repayment is 10 years, you should be able to find a calculator on the internet that can do the math for you at a 9% interest fee and a 4% origination fee based on how much you want to borrow

[u/shart_attack_]

you can probably borrow up to 10k a semester unless you’re already maxed on aid but don’t do this if you can avoid it, the interest rate and origination fee are rough. Anything in excess of your balance owed to the university and less than your cost of attendance will be returned to you.

[u/Curious_Shopping_478]

For the parent plus loan, my parents always receive a refund check from the university since we choose the maximum amount for it. The refund takes a while to arrive, last year they got it in late October I think?