The federal PLUS Loan— Parent Loans for Undergraduate Students, is a smart and easy way for parents to pay for their child’s college education. The PLUS loan is not based on financial need or income, so most people qualify for the loan. Since it is a federal loan, the interest rate is as low as 8.5 percent. These loans help families meet college costs, beyond tuition and fees, at below-market rates and with generous terms. Parents can borrow up to 100 percent of the total college costs, less any financial aid received.
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