The Federal PLUS Loan for Parents is a low-interest, government guaranteed loan available to parents of dependent undergraduate students. This is a non-need based loan for those who do not have an adverse credit history. The interest rate is currently fixed at 8.5% and starts accruing immediately after the first disbursement, and repayment begins within 60 days after the loan is fully disbursed. Borrowers may borrow up to the total cost of attendance minus other financial aid received. Dependent student’s whose parents do not qualify for a PLUS may borrow the Unsubsidized Federal Stafford Loan up to the student’s loan limit based on grade level.
For more information regarding the Federal PLUS Loan for Parents Program click here.
To compare lender benefits and apply for a Federal PLUS Loan for Parents click here.