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Federal government offer loans for parents. These loans com from both Federal Direct Loans Program and Federal Family Education Loans (FFEL) Program. The most famous loan under this program is Federal Parent PLUS Loan and this is the loan you should be applying for as a parent.

This federal loan can be taken out by parents or undergraduate students and it can also be taken by Graduate and Professional Study students. It's important to remember this as very few people know a loan called "parent" can be taken out by college grads.

These loans from the federal programs seem to be the best loans for parents as they offer the lowest Interest Rates and very favorable loan terms.

This subsidized loan is made by the federal government directly. U.S. Department of Education is the lender and the school helps to administer the loan program by distributing the loan application, processing the loan, and disbursing the loan funds.

Federal parent loans come with the following benefits:

  Deferment Of Payment Until Graduation
  Student's Credit History Does Not Matter
  Parents Do Not Need Good Long Credit History
  Some Money In Interest May Be Tax Deductible
  Lowest Interest Rates

Federal parent loans come with the following drawbacks:

  Limited Funds
  Less Repayment Options Than With Private Parent Loans
  Limiting Deadlines

Federal Parent Loans are for Undergraduates, Graduates, and Professional Study students.

If the parent is borrowing on behalf of a student, the student must also meet these general eligibility requirements:

   Be a United States Citizen Or Eligible Non Citizen
   Not Be In Default On a Federal Student Loan
   Not Owe A Refund On A Federal Education Grant

Credit history is not required for this loan, but applications can not have an adverse Credit History. Even with an adverse credit history, he or she may still be able to receive a loan by documenting the problems and explaining the situation, or simply by obtaining an endorser who does not have an adverse Credit History.

Foreclosures, bankruptcies, tax liens and repossessions within the past five years can all lead to a PLUS loan being denied.

The first step when applying for Federal Parent Loans is to check if your school participates in the Direct PLUS Loan Program or FFEL PLUS Loan Program. You will need to complete the loan application and promissory note contained in a single form from the Financial Aid office at the school.

Students do not have to submit their FAFSA Applicationif they will not be receiving any other federal Financial Aid. However, parents are encouraged to have their dependent children submit a FAFSA Application so their children can receive the maximum student Financial Aid they are eligible for.

Graduate and Professional Study students applying for a PLUS Loan are require to submit FAFSA.

The lender under the Direct Loans Program is U.S. Department of Education and you repay the loan to the federal government. No private institution or bank is involved here. Parent PLUS Loans from the Federal Family Education Loan (FFEL) Program are unsubsidized and the lender is a private bank or a private institution.

Students have between 10 to 25 years to repay, depending on the amount owned and type of repayment plan the selected. You will receive more information about your repayment choices when you leave school, or during your grace period.