Student Financial Services

Federal Direct Parent PLUS Loans

The biological parent (or in some instances stepparent) can apply for this federal direct loan. To apply the parent borrower must complete the PLUS Loan Application. The parent borrower must complete an application for each year that they wish to borrow a PLUS Loan.

Upon submission of the PLUS application, a credit-check will be performed. A parent must not have adverse credit history to qualify for the PLUS Loan. The parent borrower will choose to begin payments 60 days after the final disbursement for the academic year or defer repayment until 6 months after the student graduates or falls below 6 credits of enrollment.

Upon approval of the PLUS Loan, a first-time borrower will be directed to complete the Master Promissory Note. The PLUS Loan interest rate is fixed and the interest rate for the 2024-2025 year is 9.083%.  The Federal Direct Loan Origination fees for a Parent loan (PLUS) is 4.228%.

 Interest begins to accrue after the loan disburses to the student’s account. The PLUS Loan will disburse in equal amounts split between fall and spring semester unless otherwise noted on application. The maximum PLUS Loan eligibility for an academic year is the Cost of Attendance less other student aid as detailed in the student’s financial aid package. If the Parent Loan credit check is denied, the applicant can appeal or add an endorser. If the Parent Loan is denied another option is that the student can email and request additional federal direct unsubsidized loan (increase of up to $4,000 annually for 1st and 2nd year students and up to $5,000 annually in years 3 and beyond). If you need assistance with any part of the Parent Loan application process, please contact the Applicant Services Department at (800) 557-7394.

Also, don't miss our handy financial aid checklist!   


What is a Parent PLUS Loan?