Plus Loans
Parents can borrow a PLUS loan to help pay educational expenses for their dependent undergraduate students. PLUS loans are available through the William D. Ford federal direct-loan program. Parents must have an acceptable credit history. Prior to applying for a parent PLUS loan, students must complete a FAFSA for the year they are applying for.
Eligibility Requirements for PLUS Loans
Students must:
- be a dependent undergraduate student matriculated in a degree program
- be at least half-time
- maintain good academic standing
- be a citizen, national or permanent resident alien with a valid social security number; must verify their eligible noncitizen status upon request
- not be in default on any federal loan borrowed while attending any institution at any time
- not owe a refund on a federal Pell Grant, FSEOG or federal Perkins Loan (formally NDSL) to any institution
Parent borrowers must have an acceptable credit history.
Terms and Conditions of Parent PLUS Loans
- For loans disbursed between July 1, 2025 and June 30, 2026, the interest rate is fixed at 8.94 percent.
- There is a 4.228 percent origination fee for PLUS loans disbursed after Oct. 1, 2020.
- Parents may borrow a maximum of $20,000 per year per dependent student, not to exceed the cost of attendance. The aggregate maximum is set at $65,000 per dependent student.
- Repayment begins 60 days from the last disbursement of the loan.
- Parent PLUS borrowers may be able to defer payments while in school; deferment options can be reviewed at the Federal Direct Loan site.
Application Process
Students should always complete a FAFSA first and exhaust their annual maximum Stafford loan eligibility. If then interested in applying for a PLUS loan, the process is as follows:
- Submit a PLUS loan application. By doing this, the parent (borrower) is giving the Department of Education permission to do a credit check. The parent (borrower) of a dependent student applying for a Parent PLUS loan should submit the application. The Financial Aid Office will receive confirmation within 5-7 business days. If the parent is notified that they do not qualify for a PLUS loan because of unsatisfactory credit, please contact the Financial Aid Office as the student may qualify for more in unsubsidized funding.
- Complete a PLUS loan Master Promissory Note. By doing this, the borrower is giving the Department of Education permission to do a credit check. PLUS borrowers also must complete a PLUS entrance counseling form. The Financial Aid Office will receive confirmation within 5-7 business days.
- Students are notified of either the denial or approval of award.
