College Loans > Federal Parent PLUS Loans
Federal Parent PLUS Loans
- Cover up to 100% of school expenses
- Fixed interest rate of 7.9%
- Up to 4% fee
- For more information, contact your school
Federal Parent PLUS Loans
Many students and parents take more than one loan per single year of school. If a Federal Stafford Loan isn't enough to cover your student's full cost of attending schoolAnnual cost of attending a specific school, including tuition, fees, room and board, books and supplies, transportation and personal expenses. This amount is determined by your school., a Federal Parent PLUS Loan can bridge the gap. When a parent can help financially, we recommend a Federal Parent PLUS Loan before applying for a Certified Private Loan.
Why choose a PLUS loan?
- PLUS loans enable parents to help finance up to 100% of a dependent child's cost of attendance
- PLUS loans are available whether or not you have financial need
What are the loan terms?
- Fixed 7.9% interest rate
- Up to 4% fee
- Payments typically begin 60 days after the loan's final disbursement; you have the option to defer payments until 6 months after your student graduates or is enrolled less than half-time
- 10-year standard repayment term (may be extended up to 25 years)
How much can you borrow?
- Up to your student's cost of attendance (COA) minus other financial aid
For example, if the cost of attendance (as determined by your school) is $20,000 and you receive $8,000 in other financial aid (such as scholarships and other loans), you can borrow up to $12,000
Who is eligible?
- Parents (including legal guardians) of dependent students You are dependent if you are under 24 years old, are not married, do not have dependents and are not a veteran. who are enrolled at least half-time
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Parents who are US citizens or
eligible non-citizens
Non-citizens Eligible for Federal Stafford Loans and Federal PLUS Loans:
- US permanent residents with an I-151, I-151C, or I-551 card
- Victims of human trafficking with a T visa (T-2, T-3, or T-4, etc.)
- Holders of an I-94 Arrived-Departure Record from US Citizenship & Immigration Services (USCIS) with any of the following designations: "Asylum Granted," "Conditional Entrant" (if issued before April 1, 1980), "Cuban-Haitian Entrant," "Status Pending," "Refugee," "Parolee" (if paroled in the US for at least 1 year with the intention to become a US citizen or permanent resident and evidence not in the US for temporary purposes)
- Recipients of Notice of Approval to Apply for Permanent Residence (I-171 or I-464)
- Holders of a student visa (F1 or F2) or exchange visitor visa (J1 or J2)
- Members of international organizations with G visas
Please refer to the Federal Student Aid Web site for the most current information:
http://studentaid.ed.gov/PORTALSWebApp/students/english/
aideligibility.jsp - Parents who pass a credit checkLenders contact Credit Bureaus (Equifax, Experian, TransUnion) who have tracked your credit history (e.g. credit cards, loans) to determine whether you have been diligent in your repayment of debts.
How to Get a Federal Parent PLUS Loan
We recommend you complete the Free Application for Federal Student ( FAFSA A form to be filled out annually by current and anticipating students (and their parents) in the US to determine eligibility for federal student aid (including Stafford and PLUS loans, Pell grants and work-study programs). In addition, many states and schools use information from the FAFSA to award nonfederal aid. ) at fafsa.ed.gov each year. For more information, contact your school.
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