This loan is available to parents of dependent undergraduate students, and to graduate students. The parents (or graduate students) must have no adverse credit history. Parents may borrow up to the cost of education (budget costs minus any financial aid received) and must use the loan funds solely to pay educational costs. The PLUS is a fixed interest rate loan (for loans disbursed after June 30, 2006) that is currently capped at 10.50%, and repayment begins 60 days after the last disbursement or payments can be deferred for up to six months after the student graduates or drops below half-time enrollment. . If a parent is ineligible for a PLUS loan, the dependent undergraduate student may be eligible to borrow an additional unsubsidized Stafford loan. For further information concerning this program, contact the Financial Aid Office.