What is a Parent PLUS Loan?

issuing time: 2022-04-11

A Parent PLUS Loan is a federal loan program that helps parents afford the costs of tuition, fees, and other eligible expenses at postsecondary schools. Parents must have legal custody of their child to be eligible for a Parent PLUS Loan.

How can I get a Parent PLUS Loan?

There are a number of ways to get a Parent PLUS Loan, depending on your financial situation and eligibility requirements. You can apply online, by phone or in person.

What are the benefits of a Parent PLUS Loan?

A Parent PLUS Loan is a loan that parents can borrow to help pay for their children's higher education. The benefits of borrowing through a Parent PLUS Loan include:

-The interest rates on Parent PLUS Loans are generally lower than those on standard loans, which can save you money over the life of the loan.

-There is no need to submit any documentation or proof of income when borrowing through a Parent PLUS Loan. This means that you can easily take out a loan without worrying about embarrassing paperwork or having your credit score affected.

-Parent PLUS Loans are available in both fixed and variable terms, which means you can choose the option that best suits your needs and budget.

What are the requirements for a Parent PLUS Loan?

To qualify for a Parent PLUS Loan, you must meet the following requirements:

-You must be the parent of a student who is enrolled in an eligible school.

-Your income must be at or below 150% of the federal poverty guidelines.

-Your student's loan must also have been approved by your school.

How much can I borrow with a Parent PLUS Loan?

A Parent PLUS Loan is a loan that allows parents to borrow more money than they would be able to borrow with a traditional loan. A Parent PLUS Loan has similar terms and conditions as other federal student loans, including an interest rate of 4.29 percent and a required minimum monthly payment of $10.20. However, the maximum amount you can borrow with a Parent PLUS Loan is $US57,500.

When do I need to repay a Parent PLUS Loan?

Most students who borrow Parent PLUS loans must begin repayment within 10 years of the date of their loan's disbursement. For most borrowers, this means starting repaying their loans as soon as they earn enough money to cover their monthly payments.

What is the interest rate on a Parent PLUS Loan?

The interest rate on a Parent PLUS Loan is 6%.

Are there any fees associated with aParent PLUS?

A parent PLUS loan is a type of loan that allows parents to borrow more money to pay for college tuition, fees, and other costs. There are typically no fees associated with a parent PLUS loan.