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What is a federal direct parent loan for undergraduate students?

Drawbacks of the Parent PLUS Loan Discharge: Federal parent PLUS loans are rarely discharged for financial difficulties resulting from unemployment, age-related or other illnesses and injuries, or bankruptcy. Nontransferable: Parents cannot transfer the PLUS loan to their student to repay after they finish school.

What is a loan available to parents of undergraduate students graduate students?

The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program. (We also offer PLUS loans for graduate or professional students.) A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent borrower.

What disqualifies you from a parent PLUS loan?

If youre a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history.

Do you have to pay back a direct parent PLUS loan?

But during the Direct PLUS Loan Application process, youll go through a credit check to confirm one specific requirement: not having an adverse credit history. a recent bankruptcy discharge, tax lien, wage garnishment, or foreclosure.

What is the federal direct parent loan for undergraduate students?

The federal Parent Loan for Undergraduate Students (PLUS), available through the Direct Loan Program, lets parents borrow money to cover any costs not already covered by the students financial aid package, up to the full cost of attendance. There is no cumulative limit.