Loans for Parents Parent PLUS Loan
Federal Parent PLUS loans are non-need credit-based loans that help parents and guardians borrow up to the cost of attendance for their undergraduate dependent children.
- Eligibility for the PLUS Loan requires both the student and the parent to be U.S. citizens or eligible non-citizens.
- A modest credit check is required for the parent or guardian who is borrowing the loan. If the loan is credit denied and subsequently approved (either through appeal process or credit worthy endorser), the borrower will have to complete Department of Education required online PLUS counseling before the loan can be disbursed.
- Interest rate fixed at 7.08% with a 4.248% origination fee on each disbursement.
To borrow the Parent PLUS loan, please follow the steps below.
- Review your Financial Aid Award Letter to determine the amount of Parent PLUS loan eligibility.
- Complete Request a Direct PLUS Loan on the Direct Loan website.
- Complete the Parent PLUS Loan Master Promissory Note (MPN) on the Direct Loan website.