Parent Loan for Undergraduate Students (PLUS)

This is a credit-based federal loan available to graduate students and parents of dependent undergraduate students. Borrowers may apply to borrow an amount up to the student’s cost of education, minus financial aid. The interest rate is 7.9 percent, and repayment starts 60 days after final disbursement. Borrowers may request deferment on repayment of the PLUS Loan from the Department of Education. Such requests must be made annually, so long as the student on whose behalf the loan is taken remains enrolled at least half time. The student beneficiary of the PLUS loan must file the FAFSA. Apply online at www.studentloans.gov. UT will receive notification electronically of the credit decision and the amount requested.