The interest rate for these loans is variable on an annual basis. PLUS loans are made to credit worthy applicants by commercial lenders such as banks, credit unions, and savings and loan associations. Parents of dependent undergraduate students may borrow up to the full cost of education minus other financial aid for each dependent student. Borrowers do not have to demonstrate need. A borrower generally must begin repaying a PLUS loan within 60 days after the final loan disbursement in a given academic year.
Interest begins to accumulate at the time the first disbursement is made.
The number and amount of payments depends on the size of the loan. Legal residence in Minnesota is not required. Further information and applications may be requested from the Office of Student Financial Services. Parents who would like to be protected against future increases may choose Carleton College's Prepayment Plan . This plan permits prepayment of four times the total first year comprehensive fee in return for a guarantee of no future comprehensive fee increase.