PLUS loans are educational loans that enable students to borrow up to the cost of their education – including room and board, transportation, etc. – minus any other form of aid.
PLUS loans carry a 7.9% fixed interest rate. Unlike Stafford loans, eligibility is based on credit score, and unrelated to financial need.
Interest will accrue while the student is enrolled in school; however, payment is not required until after graduation.
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Lynn Radlauer Lubell, Publisher of InLikeMe.com and Founder of Admission By Design, an Educational Consultancy based in Boca Raton, Florida.