PLUS loan
Definition
Parent Loans for Undergraduate Students. A non-need-based loan made to the parents of an undergraduate student. This loan is made from the federal government and is processed much like a consumer loan. It is dependent upon the borrower's credit rating and does not have a stated maximum amount. Parents may borrow up to the difference between education costs and financial aid received. Repayment begins two months after the loan proceeds are disbursed and must be repaid within ten years.
Use PLUS loan in a sentence
“ I was glad to get a plus loan, because without it, I would not be able to do what I ended up doing. ”
“ The PLUS loan was especially useful to the young person from a low socio economic background as it allowed his parents to live well. ”
“ The parents of undergrad students may decide to take advantage of the PLUS loan in order to help their child with daily living expenses while attending school. ”
