What is a Direct PLUS Loan? Let's answer some questions about them:

Are Parent PLUS loans a good idea?
As of July 1, 2019, parent PLUS loans come with a 7.08% interest rate. ... If you could qualify for a rate lower than 7.08%, you could save money over the long run. If not, then a parent PLUS loan might be the way to go. By shopping around with multiple lenders, you can find the loan with the lowest possible interest rate.Jan 30, 2020

Is it better to get a parent PLUS loan or a private loan?
If you need more money to pay for school, choose the loan type — Parent PLUS or private — suited to your family's situation. Parent PLUS Loans are easier to get, but private loans might offer lower interest rates and fees. By researching both options, you can find the one that better meets your needs.Oct 29, 2017

What is a Direct PLUS Loan?
Direct PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses. Direct PLUS loans have a fixed interest rate and are not subsidized, which means that interest accrues while the student is enrolled in school

What is the difference between a direct plus loan and a parent PLUS loan?
Direct PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses. ... Parent PLUS loans are the financial responsibility of the parents, not the student.Aug 4, 2017

Who is eligible for a Direct PLUS Loan?
Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school.

How do I apply for a parent PLUS loan?
    1. Go to the online Direct PLUS Loan Application for Parents.
    2. Important: Most schools require you to apply for a Direct PLUS Loan online, but some schools have different application processes. This site has a list of schools that participate in the Direct Loan Program. When you select your child’s school from the list, the site will tell you if the school has a different application process. In that case, check with the school’s financial aid office to find out how to request a parent PLUS loan.
    3. Note: Before applying for a parent PLUS loan, make sure your child has filled out the FAFSA form.

How does direct plus loan work?
Direct PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses. Direct PLUS loans have a fixed interest rate and are not subsidized, which means that interest accrues while the student is enrolled in school.Aug 4, 2017

Can Parent PLUS loans be forgiven?
Public Service Loan Forgiveness is available to all federal student loan borrowers, including parent PLUS loan holders, who make 120 qualifying payments while working full time in a government position, or for an eligible nonprofit employers.Jan 31, 2020

What is the best parent PLUS loan?
Here are six excellent options for parent student loans, both federal and private:
    • Parent PLUS loan.
    • Citizens Bank Student Loan for Parents.
    • College Ave Parent Loan.
    • Sallie Mae Parent Loan.
    • Wells Fargo Parent Loan.
    • Education Loan Finance (ELFI) Parent Loan.