Direct Parent PLUS Loan

The Parent Loan for Undergraduate Students (PLUS) allows a parent of a dependent student to borrow any amount up to the student’s cost of attendance minus all financial aid the student may receive for the enrollment period. The interest rate is a fixed rate of 6.31% for any loans disbursed before July 1, 2017, and 7.0% for any loans disbursed on or after July 1, 2017, and before July 1, 2018. The PLUS loans have a processing fee of 4.276% on or after October 1, 2016, and before October 1, 2017. Repayment begins within 60 days after the final disbursement for the loan period or six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. Interest begins accruing at the time of the first disbursement. Deferment of repayment may be possible by contacting the Direct Loan Servicing Center although interest will accrue.

Steps to Receive a Parent PLUS Direct Loan 

  1. Log into StudentLoans.gov
    • Use the same parent FSA ID used to sign the FAFSA.
    • If you do not have an FSA ID follow the page instructions to create one. 
  2. Select "Apply  for Direct PLUS Loan" then choose "Direct PLUS Loan Application for Parents" to complete the application at StudentLoans.gov.
    • Note: this step must be completed each year (or on a term by term basis).
  3. Complete a Master Promissory Note (MPN) at StudentLoans.gov.
    • Note: under most circumstances, the MPN only needs to be completed and signed once every 10 years per parent and individual student when an application is approved.

When an application is denied, an appeal or an endorser may be an option. These options may  require an MPN to be completed and signed and PLUS Counseling.

Parent Plus Loan Information

Note: Credit checks and loan approval are only valid for 90 days. Please do not apply for a PLUS loan sooner than 75 days before the start of classes. If the loan approval expires, the loan funds will not disburse.