Usually these are PLUS loans (formerly standing for "Parent Loan for Undergraduate Students"). Unlike loans made to students, parents can borrow much more, usually enough to cover the remainder of the costs student financial aid does not cover. Interest accrues during the time the student is in school. The interest rates for the PLUS loans as of 2017 are 7% for Stafford loans. No payments are required until the student is no longer in school, although parents may start repayment ahead of time if they want, thus saving on interest.