Financial Aid - PLUS Loans (for Parents)
The federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by their dependant student's financial aid package. PLUS loans have variable interest rates, which are capped at 9%. Repayment begins 60 days after the funds are disbursed, and the repayment term is up to 10 years.
The parents, not the student, are responsible for the repayment of PLUS loans. If the student agrees to make payments on the PLUS loan, but fails to make the payments, the parents will be held responsible.
