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Federal PLUS Loans
What they are: These are federal loans for parents of dependent undergraduate students enrolled at least half-time.
Who can borrow: U.S. citizens and permanent U.S. residents can apply.
Maximum amount: The loans cover the cost of attendance, minus other aid.
Repayment: Payment begins 60 days after the last disbursement of the year is made.
Interest: The rate is variable, capped at 8.5 percent, and adjusted each year on July 1.
How to apply: Complete the PLUS Loan Application and Credit Consent form. No federal application is needed, but approval may be subject to a credit check.
Other requirements: When applying, you must sign a Master Promissory Note (MPN) for funds to be disbursed.
