Federal student loan
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What is a Parent PLUS loan?
A parent PLUS loan is a federal student loan, specifically a Direct PLUS loan, that鈥檚 offered to parents of undergrads. It offers flexible borrowing limits that let parents borrow up to their student鈥檚 full cost of attendance, covering gaps between offered student aid and costs.
Can a grandparent apply for a Parent PLUS loan?
Note: Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student. Federal Student Loans: Direct PLUS Loan Basics for Parents 鈥擯rovides parents with information on Direct PLUS Loans for parents.
How much can you borrow from your parents if denied plus?
Students whose parents can鈥檛 get PLUS loans can gain access to more federal student loans. A dependent first-year student can only borrow up to $5,500 in federal student loans per school year, for example. But that limit goes up to $9,500 if the student鈥檚 parents were denied PLUS Loans. Repaying Parent PLUS Loans
Are Parent PLUS loans forgiven after 25 years?
Under this plan, parent PLUS loans are forgiven after 25 years of repayment. To qualify, borrowers must convert their PLUS loans into a federal direct loan by consolidating their student debt. You can complete the application to consolidate parent PLUS loans online at StudentAid.gov.