Federal Parent Loans for Undergraduate Students allow parents of dependent students enrolled at least half-time to borrow from a bank or credit union.  For loans disbursed on or after July 1, 2006 the fixed interest rate is 8.50%.  The loan is not based on need, and the amount of the PLUS loan may not exceed the student's cost of attendance (as determined by the college) minus the student's financial assistance.  Repayment of the principal (unless deferred) and interest begins 60 days after the loan is disbursed.