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Parent Plus Loans

The Parent Loan for Undergraduate Student (PLUS) loans enables parents, stepparents, or adoptive parents of a dependent undergraduate student to borrow money to supplement their child's college expenses. Many families find PLUS loans an attractive alternative to using lifetime savings or investments for educational expenses.

Who Is Eligible?

Parents, stepparents, and adoptive parents of dependent undergraduate students attending school at least half-time are eligible to apply for a PLUS loan. These loans are not based on the family's income or assets. A credit report from a national credit bureau will be obtained to determine if the parent will be eligible. Parent must be a US citizen or eligible non-citizen. Parent must be credit worthy, which means that the parent borrower must not have any outstanding tax liens, judgements, delinquent or defaulted loans, extensive credit card debt, any bankruptcy, foreclosure, or wage garnishment within the past five years. If the parent borrower is not eligible for the PLUS loan, the student may be eligible for an additional unsubsidized Stafford loan. Additional information is available at the Financial Aid Office.

Interest Rates and Fees

The interest rate for Direct PLUS Loans is a fixed rate of 6.84%. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full. A 4.292% federal origination fee will be deducted from your loan proceeds prior to each disbursement.

Parents interested in requesting a federal PLUS loan must submit a PLUS Loan Request Form.

2015-2016 Parent PLUS Loan Request Form.
For more detailed information please visit the Federal Student Aid website.