Q:

What is a Parent PLUS loan?

A:

Quick Answer

A Parent PLUS Loan is a loan for parents to finance the education of a dependent undergraduate child. The loan is not need-based and can be used to cover the full cost of education including tuition, housing, books and more.

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Full Answer

Parents can borrow up to the entire cost of college attendance less any other financial aid received. A Parent PLUS Loan does not require collateral. Instead, eligibility is determined by a credit check to ensure the borrower is on time with other debts and does not have any default determinations in the previous five years. To apply for a Parent Plus Loan, parents start by contacting the financial aid office at their child’s college.

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