A PLUS loan is a Federal loan available to credit worthy parents to help pay the educational cost of their dependent, undergraduate children.
PLUS Loans differ from Stafford Loans in that:
- PLUS loan repayment starts immediately,
- PLUS loans have a fixed interest rate of 8.25%
- PLUS Loans have no annual borrowing limit (as long as the amount borrowed does not exceed the cost of attendance minus the amount of aid received).
- The Parent is responsible for repayment
If you are interested in knowing more about a PLUS loan click here.
If you are a parent and would like to apply for a PLUS loan click here.