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Parent Loans for Undergraduate Students or PLUS Loans are Federally-insured loans for parents of dependent students. Parents can take out to pay for a student's educational expenses as long as the student is a dependent undergraduate student enrolled at least half time. As is true for Stafford Loans, there are FFEL PLUS Loans and Direct PLUS Loans.
To apply for a PLUS loan, the parent must complete a Direct PLUS Loan application and promissory note, contained in a single form that you get from the school's financial aid office. The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid received. |
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