Federal Parent PLUS Loan
The federal direct Parent PLUS loan is a credit-based loan that parent(s) of undergraduate dependent students may borrow to help pay their educational expenses. The parent borrower may borrow up to the total cost of attendance minus any other financial aid received.
First time borrowers will be required to complete a Master Promissory Note before loan funds can be disbursed.
Loan Eligibility Requirements
- The student must be defined as "dependent" as determined by the FAFSA.
- The borrower must be the biological, step-parent (if included on the FAFSA) or adoptive parent of the student.
- The borrower must meet the same citizenship criteria as the student for financial aid eligibility.
- The borrower must not have adverse credit history.
- The student must be meeting Satisfactory Academic Progress (SAP).
- The student must be enrolled for at least six credits.
- The student must be enrolled in a degree or approved certificate program.
- The student must have a FAFSA application on record.
Application Process
Parents of dependent undergraduate students can take out a Parent PLUS loan to cover the educational costs as long as the student meets eligibility requirements and the loan fits within the students cost of attendance after other financial aid.
Step 1: Complete the online Federal Direct Parent PLUS Loan Application.
- The US Department of Education will perform a credit check to determine your eligibility for the Federal Direct Parent PLUS loan. The credit decision will be displayed immediately after the application is completed.
- Please be advised that credit checks are valid for 180 days. The university will open the application in May prior to the start of the fall term for the academic year in question.
When applying for a PLUS loan you will need to indicate the term you are requesting
the loan for on the application. Please indicate the following dates, based upon
the semester(s) you are requesting the loan: Parent PLUS Loan Application Availability The Parent PLUS Loan application will be available to complete at studentaid.gov based on the following schedule: Please check studentaid.gov for the most up-to-date information and to complete your application. We encourage parents to apply early to allow sufficient processing time. Before applying,
please ensure you have explored all other funding options, such as grants, scholarships,
and other federal aid. If you have any questions, please contact the Financial Aid
Office. Please Note: That if you do not see the Parent PLUS Application available on studentaid.gov
the reason for that is the university has not opened the application process as of
yet. You will be able to apply for the Parent PLUS Loan once the university opens
the application process for the academic aid year/term.
- The parent will need to complete the MPN if you do not already have a active MPN on file.
If Approved:
- The university will be notified by the Department of Education of the approved loan. Our office will then confirm eligibility of the student to receive the Parent PLUS Loan and award it to the students financial aid package. Students should check their SOLAR Account for updates and any requirements on their "To Do List".
If Denied:
- The parent will receive notification from the federal government as to the credit decision.
- You can select the option to pursue an appeal with the Department of Education by documenting any extenuating circumstances related to your adverse credit history. Following this selection, you will receive an e-mail confirming your intention. You can then contact the Federal Student Loan Support Center for additional instructions on how to proceed, including how to complete the Credit Counseling Requirement online. Once complete and if your appeal is approved our office will receive notification from the Department of Education to process your loan.
Options For A Denied Parent PLUS Loan:
Parents can contact the Department of Education by documenting any extenuation circumstances
related to your adverse credit history. If approved the parent must complete the PLUS Credit Counseling for parent PLUS Loan borrowers You can select the option to pursue an endorser who does not have an adverse credit
history. An endorser agrees to repay the loan if you do not repay it. If approved the parent must complete the PLUS Credit Counseling for parent PLUS Loan borrowers
Additional Unsubsidized Loan Option
Interest Rates and Origination Fees
The interest rate for a federal student loan varies depending on: The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized
Loans, and Direct PLUS Loans first disbursed on or after July 1, 2025, and before
July 1, 2026. All Interest rates shown above are fixed rates. A fixed rate will not change for
the lift of the loan. If your loan was disbursed before July 1, 2025 you likely have a different interest
rate. How Is The Interest Rate Determined Interest rate is determined annually for all loans first disbursed during any 12-month
period beginning on July 1 and ending on June 30, and is equal to the high yield of
the 10-year Treasury notes auctioned at the final auction held before June 1 of that
12-month period, plus a statutory add-on percentage that varies depending on the loan
type. Interest begins accruing as the loan is disbursed. Borrowers may choose to repay the
interest monthly, quarterly, or have the interest capitalized. Repayment of the principal
balance plus interest begins 60 days after the loan has disbursed. However, the borrower
can defer payments while that are enrolled at least half time (six credits) by contacting
the loan servicer. To locate your servicer log into studentaid.gov. Most federal student loans have loan fees. These fees are a percentage of the total
loan amount. A loan fee comes out of the amount of money that is disbursed (paid out) to you while
you’re in school. This means the money you receive will be less than the amount you
actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount
you received. The information below shows the loan fees for Direct Subsidized Loans and Direct Unsubsidized
Loans, first disbursed on or after Oct. 1, 2019.
Undergraduate Loans
Graduate or Professional Loans
PLUS Loans
View interest rates for loans disbursed earlier.
Direct PLUS Loan Fees
Repayment of a Parent PLUS Loan
Repayment begins 60 days after the loan is fully disbursed. For a fall/spring PLUS loan the second disbursement will happen at the start of the spring term for the academic year. The borrower at the time completing the PLUS loan application may decide to either begin repayment at 60 days after the loan is fully disbursed or choose to defer repayment while the student is enrolled at least half-time (six credits) with an additional six months after the student graduates, leaves school, or drops below the half-time enrollment. A parent may choose to change their repayment option by contact your federal loan servicer directly. You can find more information by logging into your studentaid.gov account.
Additional Resources
Federal Student Aid Website for additional information on student loans.
NSLDS CONSUMER LOAN DISCLOSURE INFORMATION
Institutions that enter into an agreement with a potential student or parent of a student regarding a Title IV loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. [HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b)]