ParentPLUS Loans / Finance Option

Overview

ParentPLUS loans are offered by the federal government to make it more accessible and affordable for eligible parents to seek a college-level education.  To receive a parentPLUS loan, a parent borrower must:

Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student.

For Direct PLUS Loans/ParentPLUS Loans disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan. The maximum PLUS loan amount individuals can borrow is the cost of attendance at the school their child will attend minus any other financial assistance their child receives. The cost of attendance is determined by the school.

Parents receive an automatic deferment while their child is enrolled at least half-time and for an additional six months after the child graduates, leaves school, or drops below half-time enrollment.

References

https://studentaid.gov/understand-aid/types/loans/plus/parent

https://studentaid.gov/understand-aid/eligibility

https://studentaid.gov/apply-for-aid/fafsa

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