Federal Direct Parent PLUS Loans

Who Can Borrow

Parents can borrow a Federal Parent PLUS to help pay for a student’s educational expenses as long as the student is:

  • Considered a dependent student
  • Enrolled at least half time (at least six credit hours per term)
  • Matriculated in a degree-seeking program

How it works

  • Credit approval is required to receive the loan.
  • Parents can borrow up to the cost of attendance minus any financial aid the student is receiving.
  • The interest rate for the 2020–2021 academic year is 5.30% as of July 1, 2020.
  • There is an origination fee of 4.236% prior to October 1 (the fee changes to 4.228% after October 1, 2020).

When to apply

Parents should not apply any earlier than 90 days before the start of the semester for which the loan is needed. Credit approvals are only viable for that amount of time. If the loan is applied for too early, the credit approval will become invalid and parents must submit a new PLUS online application for processing.

How to apply

  • Submit the Parent PLUS application.
  • Click the blue ‘Log In’ button to complete the PLUS Request Process.
  • Parents must submit the application with their Federal Student Aid (FSA) ID.

What’s next

Once the application is submitted online, we will be notified electronically regarding the amount requested and whether the loan was approved or denied. The loan amount requested is assumed to be for the entire academic year. If your needs change after the PLUS loan application is submitted, please contact your financial aid counselor and detail any required updates.

Parent PLUS Denial

In the event that a Parent PLUS loan is denied, the student may borrow an additional federal unsubsidized loan, up to $4,000 for first years and sophomores and $5,000 for juniors and seniors. The actual amount that can be borrowed is determined by a financial aid counselor based on the difference between the estimated cost of attendance and the total financial aid awarded. Students need to request these funds in writing after the parent receives notification of the denial. PLUS loan denials do not carry over to the following year; the PLUS loan must be applied for each year.