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Parent PLUS Loans
Offered to parents and stepparents of dependent students
Federal
Parent PLUS Loans enable parents with good credit histories to
borrow money with
which to pay the education expenses of their
children. Each child must be a dependent
undergraduate student
enrolled at least half time in an approved college or university.
About Parent PLUS Loans
● The
primary benefit of the PLUS Loans is that parents can borrow
federally guaranteed
low interest loans to help pay for their
child's education.
● A
Federal PLUS Loan allows parents to borrow the total cost of
undergraduate
education including tuition, room and board,
supplies, lab expenses, travel less any
other aid.
PLUS Loan Program Details
● Parent
PLUS loans are non-need based. Eligibility for the
PLUS Loan depends on a
modest credit check that determines whether
the parent has an adverse credit history.
● Your
school may require the
FAFSA Financial Aid Application
to qualify for the PLUS
Loan. Be sure to check with your school's
financial aid office first.
● The
interest rate on the PLUS Loan is fixed at 8.5% as of July 1, 2006.
● Parent
PLUS Loans require no collateral
● Interest may be tax deductible.
