The Federal Parent Loan for Undergraduate Students (PLUS) is a credit-based loan from which eligible parents of dependent students can borrow. Parents may borrow up to the cost of attendance, less any other financial aid awarded. The interest rate is fixed at 6.84% by the federal government, and fees of up to 4.292% are deducted from the proceeds of the loan. Make sure you borrow enough to cover the annual amount owed as well as the fee.
If you have a Federal PLUS Loan the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. For more information please visit www.nslds.ed.gov.