The Federal Parent Loan for Undergraduate Students (PLUS) is an unsubsidized loan available to parents of dependent undergraduate students enrolled atleast half time. Each year, parents may borrow up to the student's total cost of attendance less other financial aid received, and have up to 10 years to repay. The PLUS loan is not based on need.
Requirements:
- Credit check
- Borrower and student must be US citizen or eligible permanent resident
- Borrower and student must have a US social security number
There is no income minimum or maximum requirement.
The interest rate is variable, but it will never exceed 9 percent.
The loan amount is dependant upon the cost of attendance.
The fees involved with obtaining the loan is as follows. An origination fee of no more then 3% of the total loan amount and a guarantee fee of no more then 1% of the total loan amount.
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