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Parent Loans for Undergraduates
Loans are available for parents to cover the cost of the family contribution. PLUS (Parent Loans for Undergraduate Students) are Federal Direct Loans in which the parent of a dependent student is the applicant/borrower.
Terms of PLUS Loans
The amount borrowed on a PLUS loan can be as high as the cost of education minus all other aid. A credit check is required to determine eligibility. Parent borrowers must complete a PLUS application and a Master Promissory Note (MPN) on the Federal Student Aid website.
There is a fixed interest rate of 7.08% for Direct PLUS Loans for the 2019-2020 academic year. An origination fee of 4.236% is deducted from each disbursement. Repayment begins 60 days after the last disbursement of the loan. For additional information please visit the Federal Student Aid website.
