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Parents of dependent undergraduate students are eligible to apply for a PLUS loan. PLUS loans are made by participating commercial lenders. It is not necessary to demonstrate financial need in order to receive a PLUS loan, however parents are encouraged to have their dependent child submit a FAFSA in order to receive the maximum financial aid for which they are eligible. The maximum amount that may be borrowed is determined by the cost of education minus any other financial aid. Parents must meet established credit criteria. The interest rate on PLUS Loans is 8.5%. Borrowers enter repayment 60 days after the date of the final loan disbursement, although deferment options are available with some lenders. Parents should contact participating lenders to find out current borrower incentives.