Parent PLUS Loan
The Federal PLUS Loan is a credit-based loan for parents ( or step-parents ) of dependent undergraduate students. A FAFSA is now required to apply for a PLUS loan.
- Loan Limits: Cost of Attendance minus any other financial aid received.
- Fees: 3% loan origination fee and 1% default fee
- Interest: Fixed at 7.9%. Interest begins to accrue on only the amount that is disbursed.
- Repayment: Begins 60 days after the loan is fully disbursed. Deferments may be available. The loan repayment period is 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. The loan cannot be transferred into the student’s name.
It may be to the parent's advantage to apply for the loan amount needed for a full academic year. For example, if a parent applies for a fall only PLUS loan, it is considered fully disbursed in the fall and repayment must begin within 60 days.
Please contact the Student Financial Services Office about how much PLUS Loan is needed to cover your student’s institutional charges