The federal PLUS loan is for parents of dependent students who are enrolled at least half-time. Qualifying for this non-need-based loan requires a credit check. The annual limit is the cost of attendance minus any estimated financial aid awards and resources. The interest rate is fixed at 8.5 percent. A 2.5% loan fee is applied to disbursements. Repayment begins within 60 days of the loan being disbursed, with a minimum monthly payment of $50 (possibly more, depending upon the amount borrowed), and the loan must be repaid within 10 years. As with all other federal aid, a FAFSA must be filed and eligibility for other aid determined before a PLUS loan can be processed.