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Federal PLUS Loan
The Federal PLUS Loan (Parent Loan for Undergraduate Students) enables a parent to borrow as much as the total cost of attendance for the academic year, less any financial aid awarded. The parent borrower has a maximum of 10 years to repay the loan. The interest rate is fixed at 7.21 percent for loans disbursed between July 1, 2014 and June 30, 2015. This interest rate will remain in effect for the life of the loan. The federal government will announce the interest rate each June for loans disbursed during the upcoming academic year starting on July 1. For all disbursements after October 1, 2014, there is a loan fee of 4.292 percent. For more information, visit http://studentloans.gov.