PARENTS PLUS LOANS A PLUS loan is a student loan offered to the parents of the students. The students should be enrolled atleast half time in the participating and eligible institutions. Plus Loans are also available to graduate and professional students at participating and elgible postsecondary institutions.
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Plus Loans
PLUS loans are similar and different from Perkins and Stafford loans in various respects.
Plus Loans Similarities with Stafford and Perkins loans
Offered under Title IV of the Higher Education Act of 1965 (with subsequent amendments) and are backed by United States Government.
Available both through the Federal Direct Student Loan Program (FDSLP, also known as Direct) or from a private lender through the Federal Family Education Loan Program (FFELP)
Can be consolidated through the College Consolidation Loan program
Plus Loans Differences from Stafford and Perkins loans
Immediate due for repayment, only interest rate term
When taken by a parent, becomes a commitment by the parent, rather than the student
Can be incurred in amounts that cover up the entire cost of education (including living expenses), less other financial aid
Offer different repayment plans.
Eligibility is based on credit history of parents and student
