Federal Parent Loan for Undergraduate Students (FPLUS) Parents of a dependent undergraduate student may borrow funds under this loan program on behalf of the student. Parents can borrow up to the student's cost of education minus other financial aid the student may have received. Parents must have a good credit history to qualify. Parents must complete the application online at www.StudentLoans.gov. Parents must complete the application utilizing their Personal Identification Number (PIN) issued to the Department of Education. The FPLUS loan disbursement will be made payable to the parent borrower. The interest rate for the FPLUS is a fixed at 7.9% for loans disbursed after July 1, 2010. The repayment period for the PLUS loan begins when the loan is fully disbursed, and the first payment is due (60) days after the final disbursement, with a $50 minimum payment per month. However, for PLUS Loan with a first disbursement date on or after July 1, 2008, the parent may defer the repayment: While the student on whose behalf the parent borrowed the loan is enrolled on at least a half-time basis, and For an additional six months after the student ceases to be enrolled at least half-time.