What are Parent Plus Loans
There are many different types of parent plus education loans. Learn about parent plus loans so that you can find the right parent plus student loan to help pay for your education.
They're loans your parents can get to pay for your education expenses if you're a dependent undergraduate student enrolled at least half time. Also, your parents must have no adverse credit history. As is true for Stafford Loans, there are FFEL PLUS Loans and Direct PLUS Loans. PLUS Loans are unsubsidized.
Can my parents get both a Direct PLUS Loan and a FFEL PLUS Loan for me?
They can apply for either loan but not both during the same enrollment period. Your parents could, however, apply for a Direct PLUS Loan for you and a FFEL PLUS Loan for one of your siblings, for example.
How do my parents apply?
For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, contained in a single form that you will get from your school's financial aid office.
For a FFEL PLUS Loan, your parents must complete and submit a PLUS Loan application, available from your school, lender, or your state guaranty agency. After the school completes its portion of the application, it must be sent to a lender for evaluation.
How much can my parents borrow?
The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to but no more than $2,000.
Back to Types of Finanical Aid
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