Parent PLUS loans help pay for a child's college. See the payment and lifetime cost.
A Parent PLUS loan calculator estimates the monthly payment and total cost of a federal Parent PLUS loan used to help pay for a child's college education.
Parent PLUS loans let parents borrow up to the full cost of attendance, minus other aid, to fund a dependent child's education. They carry a fixed interest rate set each year, higher than student loans, plus an origination fee deducted from the disbursement. Interest accrues while the student is in school unless you pay it as you go.
Because PLUS loans have no borrowing limit beyond the cost of attendance, it's easy to take on more than is comfortable to repay. Standard repayment runs ten years, and the parent, not the student, is legally responsible. Weigh the payment against your budget and retirement needs, and compare with other funding before borrowing.
A federal loan that lets parents borrow up to the cost of attendance to pay for a dependent child's college. The parent is responsible for repayment.
A fixed rate set each year, higher than undergraduate student loans, plus an origination fee. Interest accrues while the student is in school.
Borrow cautiously, there's no limit beyond cost of attendance, and the payment can strain your budget and retirement. Compare with other funding first.
See the exact formula and a worked example on our methodology page.