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Parent PLUS Loans are loans for parents of dependent undergraduate students to borrow up to the student’s cost of attendance, minus other financial aid.
Interest is charged during in-school, deferment, and grace periods. The borrower is responsible for the interest from the time the PLUS Loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.
Parent borrowers should be aware that Parent PLUS loans are subject to credit approval by the Department of Education.
The maximum amount you can borrow each academic year is calculated by subtracting other financial aid from your cost of attendance. Direct loan eligibility and loan request amount must be greater than $500 for a PLUS or Grad PLUS loan to be processed.
Example
Sammie Seahawk is a first-year dependent undergraduate student. Her cost of attendance for Fall and Spring terms is $17,600 and her other financial aid (such as grants, scholarships, and Subsidized Loans) totals $9,000.
PLUS Loan Eligibility
Sammie’s parent would be able to borrow up to $8,600 in a Parent PLUS Loan.
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