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Federal Parent Loan Inquire   Apply   Visit Campus

Federal Parent Loan (PLUS) loans are available to parents of dependent student to assist with educational related expenses.  These are unsubsidized loans with a low fixed interest rate of 8.5%.

The parent may borrow up to the full cost of attendance less any other financial aid (grants, scholarships, work-study, loans) the student is receiving. Approved parents must sign a Master Promissory Note.

Parents begin making payments on this loan 45 days after the loan fully disburses and interest begins accruing as soon as the loan disburses. 

The student must be enrolled half-time and be making satisfactory academic progress (SAP) for the parent to be eligible for the loan.  Custodial and non-custodial parents can apply. For more information, click here.

FREQUENTLY ASKED QUESTIONS FOR PLUS LOANS

Who is responsible for repayment of PLUS Loans?
PLUS Loans are the parent’s responsibility.

What are the benefits of choosing PLUS Loans instead of alternative loans?
PLUS Loans offer a fixed interest rate that is tax deductible.  Alternative loans often have high variable interest rates that are not tax deductible.  Also, alternative loans are considered consumer debt and impact your credit report very differently from PLUS Loans...even if you are the cosigner.

What if I have poor credit?
Lenders look at a variety of information to determine credit-worthiness for PLUS loans including credit history, work history and income.  Parents are sometimes surprised to see that they have been approved for the loan.  Parents who have defaulted on PLUS or student loans or have an active bankruptcy may not be approved.

If I am denied the PLUS what are my options?
If a parent is the denied the PLUS, the student will be offered an additional unsubsidized loan for up to $4000(freshmen/sophomores) or $5000 (juniors/seniors).  The parent may also contact the lender to determine if anything can be done to get the PLUS approved.

What if I lose my job and can no longer afford to make payments on my PLUS loan?
PLUS loans offer generous forbearance and repayment options.  If you are having trouble making your payments contact the lender for information regarding these options.

 

last updated 11/07

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