If you are a dependent your parent can apply for a PLUS Loan to help pay for your education.

For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, contained in a single form that you get from your school’s financial aid office.

Your parents generally will be required to pass a credit check. If they do not pass the credit check they may be able to get a co-signer that agrees to repay the loan if your parents can’t. You may also be qualified if you can show extenuating circumstances and a credit check may not be necessary.

How Much Can You Borrow?
The loan is based on the remaining portion of your education costs after other financial aid has been applied. Meaning if your education costs $10,000 a year and you have other financial aid that covers $5,000 then you can borrow the remaining $5,000.

What is the interest rate?
Interest rates do change and for the 2008-09 school year the rate is just over 5%. Previous years are higher and you can expect these rates to change often enough that consolidation of older loans may be a good move if you can find other lending options.

Can loans be forgiven or put on hold?
Yes in some situations when you can not pay for a certain period the loan can be put on hold or the loan the loan can be discharged however if you do not complete your education and find employment after graduation you may not be qualified for loan discharge

To apply for a Plus Loan you should contact your high school or college for the appropriate forms.