Rutgers University – Here I Come!

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After a long stint at Camden Community College, I have now completed my Associates Degree in Business Administration. I thought that I would stop there. Going to school while working full time is really taking a toll on me. Yet, I applied at Rutgers anyway. I was recently accepted and most of my credits from CCC was accepted. I’m thinking I still have five semesters to go to reach my goal of having a Bachelor’s Degree. Lucky for me, my tuition is paid for by my company.

My friend who’s going to get his bachelor’s degree in Spring 2008 is a young student living on his own and considered an out-of-state student at Rutgers because his parents live in California. His tuition is double the tuition that in-state students pay. However, he just told me today that he received financial aid most recently that will cover his tuition until his completion next year. I am impressed with him because he knows all the ropes in obtaining financial aid and applying for grants. He was also telling me about the different types of loans available for students. One such loan is the federal parent plus loan . As long as your parents have a good credit history or if they know of someone (a family friend who will endorse the loan as a co-signer), you should be able to obtain a parent plus loan.

The criteria to obtain one depends on a credit check. Parents must pass the credit check in order to obtain the loan. The interest is variable but it is not to exceed 9%. It is adjusted every year on July 1st and your parents will receive notification of the interest changes.
The interest rate are usually low and they have a very favorable repayment terms. Your parents could actually borrow up to 100% of your estimated cost of college attendance. It can also include your books, living expenses, room and board and transportation expenses.

It is dependent on any financial aid that you receive. If you receive let’s say 6,000USD in financial aid and your total tuition costs 12,000USD – Plus loans will grant you only the remaining balance which is 6,000USD. What’s good about it is, federal parent plus loan are not need-based unlike scholarships and grants. The interest on plus loans is also tax-deductible.

So, if you’re serious about going to college and obtaining a bachelor’s degree, there are many options to choose from. Don’t worry about the money because help is always available. Unless you are in a position like me where my work pays for my tuition, you should look into it if your goal is to obtain a bachelor’s degree faster that it took me.

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