Federal Parent PLUS Loan
The Federal Parent PLUS loan program is directed to natural, adoptive, and in some cases step-parents of dependent undergraduate students. Eligibility is based on credit, not income or need. Parents may borrow up to the cost of attendance minus other financial aid for each student enrolled at least half-time. Repayment of the Parent PLUS loan begins between 30 to 60 days after the loan is fully disbursed; however, deferment of payments while the student is enrolled may be requested by contacting the Direct Loan Servicing Center. The interest rate is fixed at 7.90% throughout the life of the loan.
Parents who wish to apply for a PLUS Loan will need to complete the PLUS Loan Credit Authorization each year. In the initial year, the parent will also need to complete a Master Promissory Note (MPN).
Complete both steps online at www.studentloans.gov. (Select Request PLUS loan option)