Education PLUS
Loans:
This is a parent loan,
sponsored by the federal government that is unrelated
to need.
Generally, parents can borrow up to the total cost of education,
minus any aid received. This is a type of student loan NOT
based on
financial need.
The Federal Parent Loan for
Undergraduate Students (PLUS Loan) offers
parent borrowers an
affordable education loan that can be used to finance
up to 100%
of their dependent's undergraduate education - less any student
financial aid or scholarships. Eligible students must be enrolled at
least half
time at an accredited school, college, or university.
Parents may qualify for a
PLUS Loan even if their financial
assets limit their eligibility for other loans.
PLUS Loans are an
affordable borrowing option because they are federally
backed and
offer variable rates, which are typically better than credit card
rates or most consumer loans. In addition, recent changes in the tax
code
may provide real tax advantages with the IRS for PLUS Loan
borrowers.
