Overview of the Federal PLUS Loan

The Federal PLUS loan is a type of student loan that is designed to help parents of college students pay for college expenses. If you are a parent and your child is about to go to college, there is a good chance that you will need some type of financial assistance in order to pay for the rising costs of college. This loan program is designed to provide you with a loan with that has a low interest rate and is a long term loan to keep the monthly expenses low.


This loan program underwent some changes in 2006 and in 2008. In 2006, the loan program transitioned into a fixed-rate loan. In addition, the loan parameters were changed to accommodate both graduate and professional students. In 2008, they changed the program so that parents could choose when they want to start repaying the loan. The parents could choose between waiting until 60 days after the loan has been disbursed or until 6 months after the student is no longer enrolled in class full-time.

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