The Parent Loan for Undergraduate Students (PLUS) is a federal loan that parents of dependent undergraduate students or graduate students can borrow to help cover college expenses.
- available to parents or graduate/professional degree students
- 7.00% fixed interest rate (after July 1, 2017)
- 7.60% fixed interest rate (after July 1, 2018)
- loan fee of 4.264% after October 1, 2017
- loan fee of 4.248% after October 1, 2018
- can be deferred while in school at least half time
- modest credit check required
- must file the FAFSA to apply
- Department of Education may require some parents to complete loan counseling
If the parent(s) is denied the PLUS, the student is eligible for an additional $4,000 (freshman and sophmores) or $5,000 (juniors and seniors) unsubsidized Federal Direct Stafford Loan.