Parent PLUS Loan – Apply For Instant Loan Online

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What is a Parent PLUS Loan? Parent PLUS Loan, also known as a Direct PLUS loan, is a federal loan for higher education, available for the parents of undergraduates, professional students, and, graduates. It is a federal student loan issued directly to the parents.  Parent PLUS Loan is made to the legal guardian or parents of an undergraduate to help them cover the cost of the student’s education. With this loan, parents can borrow up to the student’s attendance each year, minus other financial assistance that has been borrowed.  With no limit to the amount borrowed. Parent PLUS loans are not made to other relatives of the family unless they are the student’s legal guardian.

Furthermore, like other federal student loans, the Parent PLUS Loan is offered through the U.S Department of Education’s William D. Ford Federal Direct loan Program. This means that the government itself is the lender, hence the name ‘’direct loans’’. For parents to be eligible for a Parent PLUS Loan, students must be enrolled at least (half time) in a school that participates in Federal Direct Loan Program.

 However, the loan money first goes to the educational institution, which applies it to expenses including room and board, tuition, fees, etc. Any remaining funds are disbursed directly to the student or parent. Meanwhile, it carries a fixed interest rate for the entire term. For example, loans disbursed after or on July 2021 and before July 1, 2022, have an interest rate of 6.28%.

Pros and Cons of Parent PLUS Loan

Before going further to loan eligibility and how to apply, let’s talk about its benefits and drawbacks of it. It is very important to know about this. Because it helps you decide if the loan is the right one for you. Below are the Pros and Cons of Parent PLUS Loan, check it out;


  • Parents can borrow all the amount needed for the student’s education
  • Borrowers can be eligible for a Parent PLUS Loan regardless of their financial need
  • This loan comes with relatively low, fixed interest rates
  • No threats of higher interest charges even when the market rates go up


  • The parent must pass a credit check to be eligible for the loan
  • The government charges a loan fee, which is removed from each disbursement you get
  • Parents are responsible for repaying this loan. They cannot transfer it to the child.
  • Unlike Sallie Mae’s loan, parents will be unable to have their loan balance forgiven if the student faces total permanent disability.

You need to consider the benefits and drawbacks of this loan before applying. In case of any form of disappointment in the future.

Parent PLUS Loan Eligibility

To apply and qualify for a Parent Plus loan, there are certain requirements you must meet. What are these requirements? Check out the below.

  • The parent must be the student’s biological or adoptive parent (In some cases, the stepparent) of an undergraduate student enrolled in at least half time at an eligible school
  • The parent must be a United States citizen, eligible non-citizen, or permanent resident.
  • If the borrower is an eligible noncitizen, he or she must submit a legible copy of the immigration document to the scholarship or Financial Aid office.
  • Must  not have an adverse credit history  unless you meet additional requirements and
  • meet general eligibility requirements for federal student aid

For more Parent PLUS Loan requirement information you can check out this link.  It has the entire general eligibility requirement for federal student aid, along with everything you need to know.

Application Process

Applying for it is a very easy and simple process. This is because you can just go online and fill out the application form. Although most schools have different application processes, this is the common one. However, before you apply for the Parent Plus loan, your child needs to fill out the FAFSA form for the year you want to borrow. Once you fill out the FAFSA form, go to the online Direct Plus Application for parents. There you can fill out the form and also check the school another application process.