Federal Direct PLUS Loan
PLUS stands for Parent Loan for Undergraduate Students. This is a financing option where parents can take out a loan in their name to help pay for their students education. Parents can choose to make payments immediately or defer until after the student has graduated. The interest will accrue on the loan if you choose to defer.
This loan does require a credit check on the parent who is taking out the loan (it only goes in one parents name). This takes place when you complete the application. After the application is completed then a Master Promissory Note is needed. At this point the loan can be processed.
Is this loan for you? If so, go ahead and access PLUS loan application and requirement information here.
If you choose to us a Parent PLUS Loan, you can complete the application and MPN at www.studentloans.gov. You will need your FSA ID and password to log in.