Parent Loans

Federal Direct Parent PLUS

This loan is designed to provide long‑term competitive rate financing for parents. Federal Direct PLUS Loans may not exceed the student's cost of attendance less any financial assistance a student receives for the academic year. Borrowers must be creditworthy. A credit check will be performed.

The Federal Direct PLUS Loan interest rate is fixed at 7.9%. PLUS Loan borrowers must begin repayment of principal and interest 60 days after the final loan disbursement of the academic year. However, by Act of Congress in early 2008, parents now have the option of deferring payment on a PLUS Loan. Please go to www.studenloans.gov for more information. A fee of up to 4% of the loan will be deducted proportionately each time a loan disbursement is made.

Families interested in applying for this program need to sign-in to www.studentloans.gov using a parent's information and slect "Request Direct PLUS loan." All first-time PLUS Loan borrowers must also complete a PLUS Master Promissory Note (MPN). To complete the PLUS MPN, the parent borrower must go to www.studentloans.gov and select "Complete PLUS Master Promissory Note." The parent borrower will be required to use his/her U.S. Department of Education issued parent PIN to complete the online MPN. Parents who do not have a parent PIN or cannot recall their PIN should go to www.pin.ed.gov to request a duplicate PIN.