Parent PLUS Loans
The Federal Parent PLUS Loan Program provides loans for parents of dependent students attending post-secondary schools. The PLUS Loan is an education loan with a fixed interest rate (8.5%) that allows a parent to fund up to the entire cost of their student's education minus financial aid already awarded. Parent PLUS Loans borrowed prior to July 1, 2006 have a variable interest rate. See chart for applicable interest rate.
Eligibility is based on credit worthiness of the parent. Parents and/or step parents of dependent undergraduate students are eligible to borrow under the Federal Parent PLUS program.
2009-10 Parent PLUS Loan Process
The FAFSA (Free Application for Federal Student Aid) must be completed and federal and state eligibility determined before a Parent PLUS Loan can be processed.