Interest payments must be made but may be capitalized. There is a six month grace period. This is a government-insured loan made by commercial banks or other lending institutions to parents of undergraduate dependent students. This program is not need-based and is for dependent students' parents to borrow on behalf of the student. This program requires a separate application that is processed through a lending institution and is based partly on credit worthiness.
Interest is paid by the parent and there is no grace period.
Repayment starts within 60 days of disbursement of the funds. The PLUS Loan is not subject to the availability of funds. Attend a Counseling session for the Federal Direct Loan if required. Complete the Federal Direct Loan Application. Submit the application to the Center for Student Financial Aid, SA 124.