Financial Aid: PLUS Loan for Parents

PLUS Loan for Parents

Amount: Costs not covered by other financial aid

Interest: 7.90% - 8.5% fixed rate

Parents of dependent students who have a current FAFSA on file can borrow a PLUS Loan to help pay education expenses not covered by other financial aid. For example, if the cost of attendance is $6,000, and your student receives $4,000 in other financial aid, you can borrow up to $2,000.

Parents may begin repaying the PLUS loan 60 days after it is fully disbursed, or they can wait until 6 months after you graduate or leave school. Interest cannot be deferred. It is charged from the date the loan is disbursed until it is paid in full.

Parent PLUS loans are credit driven. Since a typical credit check is only good for 90 days, parents are encouraged to wait until July 1 to complete the PLUS loan application.

First time Parent PLUS borrowers must complete the Parent PLUS Process and a Master Promissory Note at www.studentloans.gov.