Plus Loans for Parents: Providing Financial Support for Higher Education

plus loans for parents

Plus loans for parents are an important financial tool that allows parents to support their children’s higher education. These loans, also known as Parent PLUS loans, are offered by the U.S. Department of Education to assist parents in paying for their child’s college expenses. In this article, we will explore the details of plus loans for parents, their benefits, eligibility requirements, and how they can be obtained.

Understanding Plus Loans for Parents

Plus loans for parents are federal loans made available to parents of undergraduate students who are enrolled at least half-time in an eligible school. These loans can cover the cost of attendance, including tuition fees, room and board, books, and other educational expenses.

Benefits of Plus Loans for Parents

There are several benefits to obtaining plus loans for parents. Firstly, these loans have fixed interest rates, which means that the interest rate will remain the same throughout the life of the loan. This provides predictability and stability for parents in planning their finances. Additionally, plus loans for parents offer flexible repayment terms, allowing parents to choose from various repayment plans that best suit their financial situation.

Eligibility and Application Process

To be eligible for plus loans for parents, the parent borrower must be the biological or adoptive parent of the student for whom the loan is being borrowed. The student must also be enrolled at least half-time in an eligible school, and the parent borrower must meet certain credit requirements. The application process involves completing the Free Application for Federal Student Aid (FAFSA) and then applying for the plus loan through the school’s financial aid office.

Repayment and Loan Forgiveness Options

Once the plus loan for parents is disbursed, the parent borrower becomes responsible for repaying the loan. There are various repayment options available, including standard, extended, graduated, and income-contingent plans. It is important to carefully consider these options and choose the one that best aligns with the parent’s financial capacity. Furthermore, plus loans for parents are not eligible for certain loan forgiveness programs, such as Public Service Loan Forgiveness.

Table: Overview of Plus Loans for Parents

Loan TypeInterest RateLoan LimitRepayment Term
Plus Loans for ParentsFixedUp to the cost of attendanceVaries (10-25 years)

Frequently Asked Questions (FAQ)

1. Are plus loans for parents only available for undergraduate students?

No, plus loans for parents are also available for graduate and professional students. However, the eligibility requirements and loan limits may differ.

2. Can parents with bad credit still apply for plus loans?

Yes, parents with bad credit can still apply for plus loans for parents. However, they may be required to provide an endorser or demonstrate extenuating circumstances to qualify.

3. Is the interest on plus loans tax-deductible?

In some cases, the interest paid on plus loans for parents may be tax-deductible. Parents should consult with a tax advisor or refer to IRS guidelines for more information.

4. Is there a maximum age limit for parents to apply for plus loans?

No, there is no maximum age limit for parents to apply for plus loans for parents. As long as the parent borrower meets the eligibility requirements, they can apply for the loan.

5. Can parents transfer the plus loan to their child?

No, the plus loan for parents cannot be transferred to the child. The parent borrower is solely responsible for repaying the loan.

6. What happens if a parent borrower cannot repay the plus loan?

If a parent borrower is facing financial hardship and is unable to make repayments on the plus loan for parents, they should contact their loan servicer to discuss alternative repayment options or potential deferment or forbearance.


Plus loans for parents serve as a crucial financial tool for parents who want to support their children’s higher education. These loans offer stability, flexibility, and various repayment options. By providing the means to cover the cost of attendance, plus loans for parents contribute to making higher education more accessible and affordable. If you are a parent considering financing your child’s education, exploring plus loans for parents is a worthwhile option to ensure their educational success.

Take action today and explore the opportunities provided by plus loans for parents. Empower your child’s future with the financial support they need to pursue their higher education dreams.

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