``Mom! Dad! I Got in!'' as Students Celebrate College Acceptance, Parents ``Cram'' to Pay for It.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 5, 2003 Education Finance Leader FinancialAid.com Launches Breakthrough Loan Service to Help Parents Close the College Funding Gap Your child has been accepted to his or her "dream school." So why are you having nightmares? Chances are, you're like the millions of other U.S. parents up nights wondering how they're going to pay for their child's college education. You're not alone. This year, nearly 6 million undergraduate students will require approximately $90 billion in financial aid assistance to meet the skyrocketing costs of attending college. With shrinking school scholarship and financial aid budgets, the bulk of this aid -- 54 percent -- will be in the form of student loans, with more than half a million students and their parents relying on Federal Parent Loans for Undergraduate Students (PLUS Loans) to pay for school. To assist these borrowers, Education finance leader FinancialAid.com (www.financialaid.com) today announced a breakthrough program that simplifies the process of obtaining PLUS loans by allowing parents and students to apply online. "The process of securing financial aid for college often is complex, time-consuming and overwhelming to students and their parents," said Michael C. O'Brien, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Internet-based higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. financing company FinancialAid.com. "With today's soaring soaring: see flight; glider. soaring or gliding Sport of flying a glider or sailplane. The craft is towed behind a powered airplane to an altitude of about 2,000 ft (600 m) and then released. education costs, parents' shrinking investment portfolios and the sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. , more families need financial aid than ever before. "PLUS loans are one of the best options to bridge the college affordability gap and now FinancialAid.com has made the process of obtaining a PLUS loan simple." About PLUS Loans Federal Parent Loans for Undergraduate Students, also known as PLUS loans, allow parents to borrow up to 100 percent of the costs (including tuition For tuition fees in the United Kingdom, see . Tuition means instruction, teaching or a fee charged for educational instruction especially at a formal institution of learning or by a private tutor usually in the form of one-to-one tuition. , room/board and other expenses) to fund their student's college education. To qualify for a PLUS loan, parents must meet some of the general requirements for federal student aid and pass a credit check or secure a creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor co-signer. These loans are offered at low
interest rates that are adjusted annually, with a rate cap at nine
percent.
In addition, parents may apply for a PLUS loan retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin to cover educational costs they've already incurred for the current school year. "I wish I had known about PLUS loans last year, when my daughter entered the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. ," said Cordy Jensen of Eugene, Ore. "Back then, I thought my only option was to cash out investments. Now, I'm applying with FinancialAid.com for a PLUS loan to help with next year's expenses, as well as to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. costs from this year." About PLUS Loans at FinancialAid.com At FinancialAid.com, PLUS loan applicants fill out a simple online loan application and receive a follow-up call from a specially trained loan consultant within 48 hours. At that time, the loan consultant will answer any questions, obtain the applicant's approval to run a credit check and run the credit check while on the call. After the applicant's credit is approved, FinancialAid.com will mail the applicant final loan documents, which he/she will sign and return via a postage-paid envelope. This streamlined process saves applicants valuable time -- and money, with FinancialAid.com's highly competitive PLUS loan program benefits. To learn more about PLUS loans, consumers may visit www.financialaid.com. In addition to offering the industry's simplest online PLUS loan application process, FinancialAid.com demonstrates its commitment to helping students pursue higher education opportunities by providing free scholarship and college search engines, as well as articles and news on financial aid trends, on its Web site. About FinancialAid.com FinancialAid.com (www.FinancialAid.com) was established in March 2000 with the aim of guiding students and their parents through the college selection and education funding process. Today, FinancialAid.com has expanded to serve life's financial needs by providing a comprehensive range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. under one, Web-based "roof." In addition to matching students with colleges, student loans and scholarships, FinancialAid.com helps consumers take charge of their finances by consolidating student loans and credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. and securing mortgage financing/refinancing and car loans. Beyond offering the most competitive rates for these financial services, FinancialAid.com provides the best customer service in the business. The company's highly skilled loan representatives share the founders' commitment to matching clients with the best loan products for their needs, while educating them about the process every step of the way. FinancialAid.com is a limited liability company based in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . This news release is not an offer to lend and is merely provided for informational purposes. Interest rates are subject to change and will depend on market conditions and the specific loan involved. |
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