This is a loan that parents of dependent undergraduate students can use to help pay for education expenses that are not covered by other financial aid.
I am looking to apply for a loan, how do I go about applying for one.
It is best if you apply online for a parent PLUS loan.
What do I need to have before I can apply online for a PLUS loan?
Before you apply it is best if you make sure your child has already filled out the Free Application for Federal Student Aid (FAFSA) form.
What do I have to do to be eligible for a parent PLUS loan?
To be eligible to receive a parent PLUS loan you must be the biological or adoptive parent of a dependent undergraduate student who is enrolled at an eligible school.
Is there a limit to the amount that I can borrow?
The maximum loan amount is the cost of attendance at the school your child will attend minus any other financial assistance he or she receives. Remember that the cost of attendance is determined by the school.
What is the interest rate that is charged on the loan?
For loans that are first disbursed on or after July 1, 2019 and before July 1, 2020 the interest rate is 7.08%.
Thank you