PLUS Loans are loans that your parents take out for your education if there is no other financial aid available.

The maximum amount that your parents can get is equal to your cost of attendance minus any other aid you receive.

There are a few big differences with PLUS loans.

First, your parents must pass a credit check and they generally can not have an adverse credit history. If your parents are denied a PLUS loan because of their credit, the student is automatically eligible for the maximum amount available to independent students.

Also, there is only a 60-day grace period for your parent to start paying the loan back, unlike the Stafford loans which can be in deferment until you are out of school.

There are circumstances in which your parents can defer the loan or request a forbearance. The must talk to their lender about this.

For more information about placed you can get a PLUS loan, click on the links below.