Know the Parent PLUS loan's current interest rate, Eligibility, and Deadline of 2023.
The U.S. Department of Education makes Parent PLUS loans to eligible parents through Direct Loan Program.
Eligibility requirements: 1- Biological or adoptive parent of a dependent undergraduate student.
2- An undergraduate student's Parents, who enrolled at least half-time at an eligible school.
3- Do not have an adverse credit history. 4- meet the general eligibility requirements for federal student aid.
Deadline: 1- 2022-2023 Fall/Spring: The deadline to apply for this loan is May 3, 2023.
2- Spring 2023: The deadline to apply for this loan is May 3, 2023.
3- Summer 2023: The deadline to apply for this loan is June 23, 2023.
Current interest rate: July 1, 2022, to July 1, 2023: The fixed interest rate for the life of the Parent PLUS loan is 7.54 Percent.
Before applying for a Parent PLUS loan, It is mandatory for the applicant to fill out the FAFSA form.