The PLUS Loan is taken out by a parent for their son or daughter to help pay for their education, with repayment scheduled over an extended period of time. The interest rate on this loan is fixed at 8.5 percent and an acceptable credit record is required. Loans are made through lenders participating in the Federal Parent PLUS loan program. You must reapply for the PLUS Loan every year. There are no annual borrowing limits set by the federal government, but loan amounts cannot exceed the cost of attendance minus financial aid. More information is available here.
To find out your maximum eligibility for the PLUS Loan or ask any other questions, please contact: Office of Financial Aid (253) 535-7134 finaid@plu.edu
