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What are Federal PLUS Loans?

April 26, 2017Federal Loans Plus

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What are Federal PLUS Loans?

2 Answers

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A. Loans that are low-interest loans made to parents of undergraduate dependent students and to graduate or professional students. Federal PLUS loans are not based on financial need. The amount that can be borrowed is based on the school’s cost of attendance and any other financial aid that the student may receive. A Federal PLUS loan’s repayment period begins within 60 days of the final disbursement of the loan, and the borrower is responsible for all interest that accrues.

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A. PLUS loans are low-interest loans made to parents of undergraduate dependent students and to graduate or professional students. Federal PLUS loans are not based on financial need. The loan amount can’t exceed the school’s cost of attendance minus any other financial aid the student may receive. Borrowers are responsible for all interest accrued.