The Federal Parent 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 7.9 percent and an acceptable credit record is required. (An endorser can be used if parents' credit record is unacceptable). Loans are made through the U.S. Department of Education with applications made on-line. 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.
