Parent PLUS Loan

How to Apply 

The Parent PLUS loan is a Federal Direct Loan for eligible parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. Eligibility is not based on financial need but does require a credit check for approval. Credit checks remain valid for 180 days, therefore, it is recommended to apply no sooner than 1 month prior to when the loan is needed.

A PLUS loan can cover the full academic year (split evenly between semesters) or you can apply one semester at a time.  A PLUS loan, in combination with a student's other financial aid, cannot exceed a student’s cost of attendance. Families are encouraged to exhaust all other financial aid options prior to seeking PLUS or private loans.

  • Loan is taken out by the parent/stepparent on behalf of the student
  • Student must have a valid FAFSA on file
  • Parent/stepparent is responsible for repayment of the loan
  • 8.05% fixed interest rate on loans disbursed on or after July 1, 2023
  • 4.228% origination fee*
  • Repayment begins 60 days after the loan is fully disbursed
  • Loan is typically disbursed roughly one week after everything is completed, and school has started

Frequently Asked Questions

To apply for a Federal Direct Parent PLUS Loan, it is necessary to complete the steps below. All steps must be completed by the same parent:

  1. Apply for a PLUS loan: This step should be done for initial applications, as well as requests for an increased amount, or additional loan. The borrower (parent) must log in using their own FSA ID (what was used to sign the FAFSA). If you do not have an FSA ID, you can create one here. If you are unsure of the amount you’d like to request please select “maximum” so we may contact you, or contact the financial aid office directly.
  1. Loan Agreement (MPN):Parents who have previously borrowed for the same student do not need to complete this step again. Please note that the Loan Agreement (MPN) only needs to be filled out once for each child.
  2. Annual Student Loan Acknowledgement *optional*: Completed by the parent borrower. Log in using your FSA ID to review borrowing.

Deferment Request

Parent PLUS loans do not enter automatic deferment when a student is enrolled at least half-time.

During the online application process, you can choose to request a deferment of payment until your child ceases to be enrolled on an at least a half-time basis. In addition, you can also select to extend that deferment an additional 6 months from the point the at least half-time enrollment ceased.  Alternatively, you may contact your loan servicer to complete a deferment request form. Even while deferred, interest will continue to accrue.

* Origination fees change annually on October 1st. For loans originated prior to 10/1/20 loan fee is 4.236%