A parent of a dependent student enrolled at least half-time is eligible to apply. The parent must also be a citizen or resident of the United States, pass a credit check, and not be in default or owe a refund to any student financial assistance program.
The yearly limit on a Parent PLUS loan is equal to the cost of attendance minus the sum of all other forms or financial aid already awarded. The interest rate is a fixed rate of 7.9% and begins to accrue as soon as the lender disburses the loan. Loan borrowers will be charged a fee of 2.5% for this loan. For instance, if you borrow a $2,000 loan, you will only receive $1,950 ($2,000 minus the 2.5% fees). Repayment begins within 60 days after the lender disburses the final portion of the loan.
The amount listed on the award letter may show the maximum amount of loan eligibility for the Parent PLUS Loan. You are strongly encouraged to borrow only what you need to satisfy your financial obligations to the college.
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