Parent PLUS Loan Information

Are you interested in applying for a Parent PLUS Loan to help cover the cost of your child's education?

This federal loan is available to parents of dependent matriculated undergraduate students who are enrolled at least half-time (6 credits per semester).

  • You must be a U.S. citizen or eligible non-citizen in order to be eligible to apply for this loan.
  • The parent PLUS loan is offered through a participating lender of your choice and offers a fixed interest rate of 8.5%.
  • Loan fees totaling up to 3% of the amount borrowed are deducted from the loan proceeds by the lender.
  • Repayment begins 60 days after final loan disbursement unless a deferment is granted.
  • The annual loan limit is the student's cost of attendance minus any estimated financial aid received.
  • It is recommended that the parent/student wait until the receipt of their first University bill so that they will be able to more accurately determine the amount required.

How to apply for a Parent PLUS Loan

  • Complete a FAFSA application. You can complete the FAFSA online at www.fafsa.ed.gov.
  • Complete a Filling the GAP worksheet to help you determine how much to borrow.
  • After you have determined how much you need to borrow you must complete the Federal PLUS Loan Application and Master Promissory Note (MPN). This can be completed online at New York State Higher Education Services Corp. (HESC). This MPN must be completed each year whether or not this is your first time applying for a Parent PLUS Loan. Be sure to complete Step 3 (Select School). Our School Code is displayed as "SUNY STONY BROOK 310 ADMINISTRATION BUILDING STONY BROOK, NY, 11794." Neglecting to add this information will result in an incomplete MPN and no further action will occur.
  • If you are a first time borrower, you will also need to choose a lender when completing the e-MPN. For information regarding how to choose a lender and to view Stony Brook's sample lender list, see Federal Stafford and PLUS Loan Lender Information.
  • HESC (the guaranty agency) or your lender will then complete a credit check.
    • If the credit is approved by HESC the University will transmit a loan certification file to HESC and the student will be able to view the Parent PLUS Loan on the Solar System under “My Financial Aid Awards”. The Parent PLUS Loan will then show as anticipated/pending financial aid against the student's University bill. If the lender you chose does the credit check instead of HESC you must submit the credit approval to the Office of Student Financial Aid Service in order for the school to transmit a loan certification to HESC.
    • If the credit is not approved the student may be eligible for an Unsubsidized Stafford Loan.
    • Parent PLUS Loan funds will be disbursed to the school and applied to any outstanding student balance. Remaining funds will be sent to the parent or disbursed to the student depending upon the order in which the financial aid was disbursed.

Estimated Loan Repayment Chart

Amount Borrowed
# 0f Monthly Payments
Monthly Payment at 8.5%
$10,000
120
$123.99
$15,000
120
$185.98
$17,125
120
$212.33
$20,000
120
$247.97
$46,000
120
$570.33