Parent Loan for Undergraduate Students (PLUS)

Financial Aid
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To be eligible for a federal PLUS loan as a parent, you must be a U.S. citizen or eligible noncitizen. You must also be your child’s biological or an adoptive parent, or step-parent whose income and assets were reported on the FAFSA. Your child must be under the age of 24, be unmarried, have no dependents, cannot be a veteran of the U.S. armed forces, and must be enrolled at least half-time in an undergraduate program at an eligible institution. If you have more than one child you wish to borrow for, you must apply for a separate PLUS loan for each student.


Federal PLUS permits parents to borrow the full cost of education less any financial aid at a relatively low interest rate. Repayment will begin 60 days after the full loan is disbursed at a current fixed interest rate of 7.9%. A origination fee will be deducted from the amount of the loan.

You may have the option to defer payments while the student you borrowed for is enrolled at least half-time in an undergraduate program. Typically you have 10 years to pay off your loan, with no penalty for early pay-offs. For further information contact Direct Lending at 1-800-557-7394 or visit www.studentloans.gov.


Depending on your income, interest paid on a PLUS loan may be tax deductible.


All PLUS loans are subject to a credit check. If for any reason your application is not approved, please contact the Financial Aid office for further instructions.

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