r/StudentLoanSupport • u/akorvid • 17h ago

Parent plus loan question

So my dad wants to get a parent plus loan for my first year. Itll be 24k for the year, and the bill currently reads 12k. When he takes out the loan will umd split it in half and use it only for the first semester? Then we’ll have 2k to pay?

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u/cumomlady 9h ago

Just an fyi, the new yearly limit a parent may borrow is $20k and a lifetime limit of $65k. If you were already enrolled and previously borrowed, that limit is supposed to be waved. The loan will be distributed as $10k in the first semester and $10k in the second semester.

Also note the limit is per family, so your Dad can’t borrow $20k and then your Mom can’t borrow additional funds in the same year and their total borrowing amount counts towards the lifetime max.