I Have Been Approved For A Stafford Loan, But I Need More Money For Tuition. Where Can I Get More Money?

Another great federal student loan program, which we have mentioned before, is the Parent PLUS Loan. With this loan the parent borrowers the money rather than the student. Parents are able to borrow up to full amount of the remaining college costs minus any other student aid and other loans. The nice thing is there is no income limit. For the majority of borrowers the interest rate is fixed at 8.5%. If the school is part of the program that has you borrow directly from the federal government, rather than using a third party lender the rate is 7.9%. One thing to consider is only about 20% of the schools are part of the Federal Direct Loan Program.Something else to consider is that you should only apply for the Parent PLUS Loan after the student has maxed on the Stafford Loans. The Parent PLUS Loan is a great option, but Stafford Loans are better because the interest rate is lower.