What is a Federal Plus Loan?

The Federal Parent Loan for undergraduate students allows parents to borrow money to cover additional costs.

Parents of dependent students can take out loans to supplement their children's aid packages. The Federal Parent Loan for Undergraduate Students let's parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. Like the Stafford Loan, Plus loans are either FEELP (provided by private lenders, such as banks) or Direct (funds provided by the government). Plus loans are the financial responsibility of the parents, not the student. If the student agrees to make payments on the Plus loan, but fails to make the payments on time, the parents will be help responsible.

Written by Don Black and Tami Trover -
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