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Dependants and PLUS Loans |
Your college bound student must be a dependent in order for the family to be eligible for a PLUS loan. If a student is considered dependent, parents’ income and assets as well as the student’s income must be considered.
For the 2005-2006 academic year, a student is considered to be independent if one of the following applies:
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Born before January 1, 1982;
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Married;
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Are or will be enrolled in a master’s or doctoral program (beyond a bachelor’s degree) during the 2005-2006 school year;
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Has children who receive more than half of their support from him/her;
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Has other dependents (other than children or spouse) who live with student and who receive more than half their support and will continue to receive more than half their support from student through June 30, 2006;
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Orphan or ward of the court (or were a ward of the court until age 18); or
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Veteran of the U.S. Armed Forces (“veteran” includes students who attended a U.S. service academy and who were released under a condition other than dishonorable).
If none of these situations apply, the student is considered to be dependent and the family is eligible for a PLUS loan.
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Dependants and PLUS Loans
