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Federal PLUS Loans to Parents
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| Program Type |
Loan
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| Description |
See the CFNC information pages about the Federal PLUS Loans to Parents.
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| Eligibility |
The borrower and the benefiting student must be United States citizens, Nationals, or permanent resident aliens. The student must be enrolled at least half-time in a degree or certificate program in an eligible college or vocational school.
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| Value |
A parent of a dependent student may borrow up to the difference in the estimated cost of attendance and other financial aid for each son or daughter meeting the eligibility requirements.
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| Application Procedure |
Parents are advised to consider determining first if the student will qualify for an interest-subsidized Federal Stafford Loan, by submitting a Free Application for Federal Student Aid (FAFSA). The Federal PLUS Loan application and information may be obtained from College Foundation Inc., PO Box 12100, Raleigh, NC 27605-2100, (919) 821-4771 or toll free 1 (800) 600-3453; from the high school counselors office; or from a college financial aid office.
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| Other Information |
The interest is a variable rate (not to exceed 9%) adjusted annually on July 1 over the life of the loan. The rate effective through June 30, 2003 is 4.86% and is capped at 9%, per federal standards. The repayment period depends on the total amount borrowed, but normally does not exceed 10 years.
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| Related Links |
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Federal Plus Loans to Parents Information Pages
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