How much can a parent or graduate and professional degree student borrow under the PLUS Loan program?
The maximum PLUS Loan amount that a parent or graduate and professional degree student can borrow is the students cost of attendance minus any other financial aid the student receives. If a parent obtains a PLUS Loan to help pay for a dependent students education, who receives the loan money—the parent or the student? • The school will first apply the PLUS Loan funds to the students school account to pay for tuition, fees, room and board and other school charges. • If any loan funds remain, they will be sent to the parent borrower, unless the parent authorizes the school to hold the funds or release them to the student. • Any remaining loan funds must be used for your education expenses. Can a borrower cancel a PLUS Loan even after signing the Promissory Note and agreeing to the terms of the loan? Yes. A borrower can cancel a PLUS Loan the same way that a borrower would cancel a Perkins or Stafford Loan. Other than interest, are there any fees or charges to get a PLUS Loan? Yes. There
Related Questions
- Do the amounts borrowed by a graduate or professional student under the PLUS program count toward the aggregate loan amount borrowed by the student?
- Must annual loan limits be prorated for a Federal PLUS Loan or for a professional and graduate student who borrows a Federal Stafford Loan?
- How much can a parent or graduate and professional degree student borrow under the PLUS Loan program?
