Federal Parent PLUS Loans

Federal Parent Loan for
Undergraduate Student (PLUS Loan)

Direct PLUS Loan for undergraduate students for 2009-2010

To apply for a PLUS loan, a Free Application for Federal Student Aid (FAFSA) must be on file. This loan is available to parents of dependent students to borrow on behalf of their child.

A Plus Loan Processing form is required by Montgomery College.

Forms are usually available from any MC campus financial aid office from July preceding the academic year of enrollment.

The interest rate for PLUS loans is fixed at 8.5% effective July 1, 2006 for new and existing PLUS loans. Loans prior to this date are a variable interest rate.

This loan is based on credit-worthiness and the parent starts repayment 60 days after the second disbursement of the loan. The parent may borrow up to the student's cost of education, excluding awarded financial aid.