Definitions for "PLUS LOANS"
Enable parents with good credit histories to borrow money to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. The yearly limit is equal to your cost of attendance minus any other financial aid for which you are eligible. Interest is variable but will never exceed 9 percent. Payment begins within 60 days of final loan disbursement.
Parents can borrow a PLUS Loan to help pay education expenses for a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program.
Federal loans guaranteed by the federal government and processed according to DOE regulations. The Federal PLUS loan requires that the student be a dependent of the person filing for the loan.