PLUS loans are federally guaranteed loans for higher education expenses. Parent PLUS loans are made to parents for their dependent child’s undergraduate education expenses. Graduate/Professional PLUS loans are made to postgraduate degree students. PLUS loans are available from either the Federal Family Education Loan (FFEL) Program or the William D. Ford Federal Direct Loan Program. The maximum PLUS loan is the cost of school attendance minus any other estimated or received financial aid.

To qualify for a Parent PLUS loan:

• Your child must be enrolled at least half-time in an eligible program at an eligible school.
• You must have an acceptable credit history.
• You and your child must meet other general eligibility requirements for federal student financial aid.

To qualify for a Graduate/Professional PLUS loan:

• You must meet the above requirements for a Parent PLUS loan.
• You must complete the Free Application for Federal Student Aid (FAFSA).
• You must have already applied for your annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program.

FFEL PLUS loan applications are available from your school, your lender, or your state guaranty agency. After you and the school complete your respective sections of the application, it is sent to a lender for review. A Direct PLUS loan application, which includes a promissory note, is available from your school’s financial aid office.

Loans disbursed on or after July 1, 2006 carry a fixed interest rate of 7.90% for Direct PLUS loans and 8.50% for FFEL PLUS loans. The loans also carry a fee of up to 4%. You can learn more about Parent PLUS loans and Graduate/Professional PLUS loans on the Federal Student Aid Web site at these links http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp and http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp.