Parents can borrow funding for their dependent children. Loans are not based on income, but parents must undergo a credit check to determine eligibility. A parent or step-parent of a dependent child can apply for a PLUS loan online at www.studentloans.gov. If approved, the parent must also complete a Master Promissory Note (MPN) on the same website.
If approved, a parent may borrow up to the difference between school costs minus other aid. If a parent is denied, the dependent student can then be eligible to receive additional unsubsidized loan through the FAFSA. The additional annual amount is $4000 ($2000 per semester) for freshmen/sophomores and $5000 ($2500 per semester) for juniors/seniors.
Several options are available for repayment; contact your lender for information.