Parent PLUS Loan
If you are the parent of a dependent student, you will have the opportunity to help with your student's cost of college by taking out a Direct Parent PLUS loan. This is a credit based loan. You can borrow up to, but not exceeding, the Cost of Attendance listed on your award letter in WebAdvisor. The interest rate is currently 6.41%.
Important facts to remember:
- Only one parent should request the loan.
- Requesting a PLUS loan does not obligate the parent to take out the loan.
- It is necessary to request the loan even if you believe you may be denied, as the student may become eligible for an additional unsubsidized Stafford loan through a denial.
Request the annual amount desired.(Keep in mind there is an origination fee. See below for current percentage.) If your student will be enrolled for multiple terms within the financial aid year, the amount you request here will be evenly divided among each term.
Parents can complete the Parent PLUS loan request process on the Department of Education website, http://studentloans.gov. Parents will need to login using a FAFSA Pin number (you can request one at www.pin.ed.gov) and complete the following steps to request a parent PLUS loan:
- Complete the Parent PLUS loan application form.
- Complete a Master Promissory Note if you are a first time Parent PLUS loan borrower with the Department of Education.
A credit check will be run to determine if you are eligible for a Parent PLUS loan once the Parent PLUS loan application form is completed.
All Parent PLUS loans are subject to an origination fee. This fee is taken from the gross loan amount prior to disbursement. This fee is as follows:
- Direct PLUS loans first disbursed on or after July 1, 2013 and before December 1, 2013: 4.204%
- Direct PLUS loans first disbursed or or after December 1, 2013 and before September 30, 2014: 4.288%
NOTE: You will need your FAFSA pin number to login into this website.