Parent PLUS Loans Have a Cap Now. You Have Until June.

Starting July 1, Parent PLUS loans are limited to $20,000 a year and $65,000 lifetime — what this means for families targeting selective colleges.

Parent PLUS loans have operated on a simple premise since the 1980s: if you needed to borrow for college and you had decent credit, the federal government would lend it to you, almost without limit. A $300,000 bill for four years of private college education? There used to be a loan for that.

This program will no longer exist in the form most families ha…