Federal Parent PLUS Loans
The Federal Parent PLUS loan program is a common financing option fro parents of dependent undergraduate students. The Parent PLUS loan is borrowed in the parent's own name.
Federal Parent PLUS Loan:
Parents of dependent undergraduate students may borrow up to the cost of attendance minus other financial aid received. This loan is not based on financial need, however, borrowers must be creditworthy. Interest on this loan is fixed at 8.5% effective July 1, 2006.
Selecting a lender:
Federal Parent PLUS loans are funded by private lenders, including banks and credit unions. The federal government sets the interest rate, limits on fees, and minimum deferment options for federal Parent PLUS loans. However, some lenders offer benefits to borrowers beyond the minimum requirements set by the government. We encourage you to carefully review your options before choosing a lender.
To help you with your decision, we suggest that you use the online lender comparison tool for Dominican borrowers. This tool allows you to compare the borrower benefits offered by our preferred lenders and other participating lenders.
