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  • 2011-12 Direct Parent Plus Loans Parents Of Dependent Students May Apply For A Direct Plus Loan To

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E PARENT is the only signer on this loan and is responsible for repayment. Refer to Federal Student Aid Website for details. Eligibility The parent borrower must be the student s biological or adoptive parent. In some cases, a stepparent may be eligible. Borrowers with good credit histories are eligible to borrow on behalf of their dependent undergraduate students who are enrolled at least half time. The borrower must be a U.S. citizen or eligible non-citizen with a valid social security numbe.

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Direct Subsidized/Unsubsidized Loans have a lower fixed interest rate (6.8%) than Direct PLUS Loans (7.9%), and no interest is charged on Direct Subsidized Loans while you are in school at least half-time or during grace and deferment periods. Interest is charged on Direct PLUS Loans during all periods.

Additional Information Max Loan Length30 years, depending on amount borrowed and repayment plan chosen Max Loan Amount $2,625 to $8,500 Payment Frequency Monthly Prepayment Penalties None Fees Up to 4% of the loan1 more row

To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well).

The parent, not the student, is responsible for repaying the PLUS loan. PLUS loans don't qualify for all of the income-driven repayment plans that student loans do. PLUS loans have large borrowing limits, making it possible to take on too much debt.

Direct PLUS Loans have an interest rate of 8.05% for the 2023-24 school year for all borrowers, compared with 7.05% for Direct Unsubsidized Loans for grad students. They also have a loan fee equal to 4.228% of the principal, which is four times the fee for a Direct Unsubsidized Loan.

PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. The school applies PLUS loan funds toward your child's educational costs such as tuition, fees, and room and board.

Can more than one parent borrow a PLUS Loan? If a student's parents are divorced, both the custodial and non-custodial parent may borrow a PLUS Loan for their dependent, undergraduate student.

You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing. Your child must be a dependent undergraduate student who is enrolled at least half-time at a school that participates in the Direct Loan Program.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232