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A PLUS Loan is a student loan, which is part of the Federal Direct Student Loan Program, offered to parents of students enrolled at least half time, or graduate and professional students, at participating and eligible post-secondary institutions. The original, now obsolete, meaning of the acronym was "Parent Loan for Undergraduate Students".
Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary.
All federal loans will have “Direct” in their names, like “Direct Subsidized Loan,” “Direct PLUS Loan” or “Direct Consolidation Loan,” for example. For PLUS Loans, you might see ...
Parent PLUS borrower deferment for parents who received a Direct PLUS Loan to pay for their child’s education, and the student is enrolled at least half-time at an eligible college or career school.
There are two types of loans students borrow in the US: federal loans and private loans. Federal loans have a fixed interest rate, usually lower than private loans' interest, set annually by Congress. The direct subsidized loan with the maximum amount of $5,500 has an interest rate of 4.45%, while the direct plus loan with the maximum amount of ...
Parent Plus loans -- also known as a Direct PLUS Loan -- are issued by the federal government and let parents of dependent students borrow funds to help pay for a student's college or career ...
Federal Stafford Loans are made to students and PLUS Loans are made to parents through the William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans include Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.
Retain federal benefits: While some borrowers may consider refinancing their loans with a private lender as a way of combining several loans, choosing a Direct Consolidation Loan instead ensures ...