Know the Parent PLUS loan's current interest rate, Eligibility, and Deadline of 2023.

Parent PLUS loan Details 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.