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In that case, check with the school’s financial aid office to find out how to request a parent PLUS loan.Note: Before applying for a parent PLUS loan, make sure your child has filled out the FAFSA form. Contact the financial aid office at the school your child is planning to attend for details regarding the process at that school.You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you have to start making payments.Your loan servicer will notify you when your first payment is due. Important: Most schools require you to apply for a Direct PLUS Loan online at Student Loans.gov, but some schools have different application processes.The cost of attendance is determined by the school.If you request a deferment, you will not need to make payments while your child is enrolled at least half-time and for an additional six months after your child graduates, leaves school, or drops below half-time enrollment.If you do not request a deferment, you will be expected to begin making payments after the loan is fully disbursed (paid out).
The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives.With your authorization, the school can pay the remaining loan funds directly to the student. After you receive your parent PLUS loan, you will be contacted by your loan servicer (you will repay your loan to the loan servicer).