The federal direct Parent PLUS loan is a credit-based loan that parent(s) of undergraduate
dependent students may borrow to help pay their educational expenses. The parent borrower
may borrow up to the total cost of attendance minus any other financial aid received.
First time borrowers will be required to complete a Master Promissory Note before
loan funds can be disbursed.
Important note: All loans must be originated prior to the end of the semester for which you would
like to receive the loan. Refer to the academic calendar for the official end of semester dates.
Loan Eligibility Requirements
The student must be defined as "dependent" as determined by the FAFSA.
The borrower must be the biological, step-parent (if included on the FAFSA) or adoptive
parent of the student.
The borrower must meet the same citizenship criteria as the student for financial
aid eligibility.
The borrower must not have adverse credit history.
The student must be meeting Satisfactory Academic Progress (SAP).
The student must be enrolled for at least six credits.
The student must be enrolled in a degree or approved certificate program.
The student must have a FAFSA application on record.
Note: Grandparents (unless they have legally adopted the dependent student) and legal guardians
are not eligible to receive parent PLUS loans, even if they have had primary responsibility
for raising the student.
Application Process
Parents of dependent undergraduate students can take out a Parent PLUS loan to cover
the educational costs as long as the student meets eligibility requirements and the
loan fits within the students cost of attendance after other financial aid.
To qualify for a Direct PLUS Loan, you cannot have an adverse credit history. A credit
check is conducted on all Direct PLUS Loan applicants.
Your application will not be processed if you placed a freeze on your credit report.
If you have placed a credit freeze, you must lift or remove the freeze at each of
the credit bureaus listed below before you continue. Once you have completed the
PLUS application and received a approval/denial you can place the credit freeze back
on with the credit bureaus.
The US Department of Education will perform a credit check to determine your eligibility
for the Federal Direct Parent PLUS loan. The credit decision will be displayed immediately
after the application is completed.
Please be advised that credit checks are valid for 180 days. The university will
open the application in May prior to the start of the fall term for the academic year
in question.
When applying for a PLUS loan you will need to indicate the term you are requesting
the loan for on the application. Please indicate the following dates, based upon
the semester(s) you are requesting the loan:
Summer only: May to August
Fall Only: August to December
Fall/Spring: August to May
Spring Only: January to May
Parent PLUS Loan Application Availability
The Parent PLUS Loan application will be available to complete at studentaid.gov based on the following schedule:
Summer & Fall Only / Fall & Spring – Opens late April to May
Spring Only – Opens late October to November
Please check studentaid.gov for the most up-to-date information and to complete your application.
We encourage parents to apply early to allow sufficient processing time. Before applying,
please ensure you have explored all other funding options, such as grants, scholarships,
and other federal aid. If you have any questions, please contact the Financial Aid
Office.
Please Note: That if you do not see the Parent PLUS Application available on studentaid.gov
the reason for that is the university has not opened the application process as of
yet. You will be able to apply for the Parent PLUS Loan once the university opens
the application process for the academic aid year/term.
The parent will need to complete the MPN if you do not already have a active MPN on
file.
If Approved:
The university will be notified by the Department of Education of the approved loan.
Our office will then confirm eligibility of the student to receive the Parent PLUS
Loan and award it to the students financial aid package. Students should check their
SOLAR Account for updates and any requirements on their "To Do List".
If Denied:
The parent will receive notification from the federal government as to the credit
decision.
You can select the option to pursue an appeal with the Department of Education by documenting any extenuating circumstances related to your adverse credit history.
Following this selection, you will receive an e-mail confirming your intention. You
can then contact the Federal Student Loan Support Center for additional instructions on how to proceed, including how to complete the Credit Counseling Requirement online. Once complete and if your appeal is approved our office will receive notification
from the Department of Education to process your loan.
Options For A Denied Parent PLUS Loan:
Parents can contact the Department of Education by documenting any extenuation circumstances
related to your adverse credit history.
If approved the parent must complete the PLUS Credit Counseling for parent PLUS Loan borrowers
You can select the option to pursue an endorser who does not have an adverse credit
history. An endorser agrees to repay the loan if you do not repay it.
If approved the parent must complete the PLUS Credit Counseling for parent PLUS Loan borrowers
You can decide that you no longer wish to pursue a Parent PLUS loan. In this case,
the student can apply for additional Unsubsidized Federal Direct loan funds.
The interest rate for a federal student loan varies depending on:
the loan type and
the first disbursement date of the loan (for most types of federal student loans.
The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized
Loans, and Direct PLUS Loans first disbursed on or after July 1, 2024, and before
July 1, 2025.
Interest Rates for Direct Loans First Disbursed on or After July 1, 2024, and Before
July 1, 2025
Loan Type
Borrower Type
Fixed Interest Rate
Loan TypeDirect Subsidized Loans and Direct Unsubsidized Loans
Borrower TypeUndergraduate
Fixed Interest Rate6.53%
Loan TypeDirect Unsubsidized Loans
Borrower TypeGraduate or Professional
Fixed Interest Rate8.08%
Loan TypeDirect PLUS Loans
Borrower TypeParents and Graduate or Professional Students
Fixed Interest Rate9.08%
All Interest rates shown in the chart above are fixed rates. A fixed rate will not
change for the lift of the loan.
Interest rate is determined annually for all loans first disbursed during any 12-month
period beginning on July 1 and ending on June 30, and is equal to the high yield of
the 10-year Treasury notes auctioned at the final auction held before June 1 of that
12-month period, plus a statutory add-on percentage that varies depending on the loan
type.
Interest begins accruing as the loan is disbursed. Borrowers may choose to repay the
interest monthly, quarterly, or have the interest capitalized. Repayment of the principal
balance plus interest begins 60 days after the loan has disbursed. However, the borrower
can defer payments while that are enrolled at least half time (six credits) by contacting
the loan servicer. To locate your servicer log into The National Student Loan Data System.
Most federal student loans have loan fees. These fees are a percentage of the total
loan amount.
A loan fee comes out of the amount of money that is disbursed (paid out) to you while
you’re in school. This means the money you receive will be less than the amount you
actually borrow.
You’re responsible for repaying the entire amount you borrowed and not just the amount
you received.
The chart below shows the loan fees for Direct Subsidized Loans and Direct Unsubsidized
Loans, first disbursed on or after Oct. 1, 2019.
Loan Fees for Direct PLUS Loans
First Disbursement Date
Loan Fee
First Disbursement DateOn or after 10/1/20 and before 10/1/24
Loan Fee4.228%
First Disbursement DateOn or after 10/1/19 and before 10/1/20
Loan Fee4.236%
Repayment of a Parent PLUS Loan
Repayment begins 60 days after the loan is fully disbursed. For a fall/spring PLUS
loan the second disbursement will happen at the start of the spring term for the academic
year. The borrower at the time completing the PLUS loan application may decide to
either begin repayment at 60 days after the loan is fully disbursed or choose to defer
repayment while the student is enrolled at least half-time (six credits) with an additional
six months after the student graduates, leaves school, or drops below the half-time
enrollment. A parent may choose to change their repayment option by contact your
federal loan servicer directly. You can find more information by logging into your studentaid.gov account.
Institutions that enter into an agreement with a potential student or parent of a
student regarding a Title IV loan are required to inform the student or parent that
the loan will be submitted to the National Student Loan Data System (NSLDS) and will
be accessible by guaranty agencies, lenders, and institutions determined to be authorized
users of the data system. [HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b)]
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