Apply for a Parent PLUS Loan Online

How to Get a Parent PLUS Loan

What it is

At a Glance
Loan Type:	Education
Lender:	Government
Secured:	No

A parent PLUS loan is a loan for undergraduate students that enables parents and other legal guardians with good credit history to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time in an approved college or university. The loans are available through the FFEL program, or the Federal Family Education Loan program. Families may borrow up to the total cost of undergraduate education, including tuition, room and board, supplies, lab expenses and travel less any other aid. The loans are credit based, rather than need based. Anyone can apply.

The interest rate for the parent PLUS loan is 8.5 percent and this type of loan does not require any collateral. There is no penalty for early repayment and consolidating the loans after graduation is also an option. The interest on the loan is also tax deductible under the Hope Education Tax Credit. Families can borrow federally guaranteed, low interest loans to help pay for education, without worrying about collateral, need-based application processes or FAFSA preparation time.

Who it's for

Tuition and education expenses become more and more expensive every day. Often, students aren't able to pay for these costs on their own and neither are their parents or guardians. Parent PLUS loans can help. They are for people attending post-secondary education and require additional and easy-to-access funding. The loan has a low interest rate and flexible repayment options. This loan is for parents who want to provide their children with financing for education.

What you need to do to apply

Parents applying for parent PLUS loans need to go through proper approval channels. This means providing financial and personal background, information about intended education, proof of registration at an academic institution, and a credit check.