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What is a PLUS Loan?
A PLUS Loan is a student loan offered to professional students, graduate and guardian or parents of dependent students who are enrolled in institutions for post-secondary education. Otherwise called a Direct PLUS loan, this loan helps to cater for higher education expenses of eligible students. For graduates and professional degree students to qualify for a PLUS Loan, they must be enrolled at least part-time in a qualified school. Parents of dependent students are also eligible for this loan if pass a standard credit check.
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How Does a PLUS Loan Work?
A PLUS Loan provides relief for students and graduates during their post-secondary education. This loan covers education expenses for students who are pursuing higher studies. Initially, PLUS is an acronym that stands for "Parent Loan for Undergraduate Students", but presently, that meaning has become old-fashioned. A PLUS Loan allows a parent to borrow the entire amount a student or ward needs for their post-secondary education. The maximum amount a parent can take is determined by the school, but generally, the loan can cover tuition, housing, materials and other education expenses. For a parent to be allowed to take a loan under this scheme, he /she must have a dependent student who might be biological or adoptive child.