Parent PLUS Loans
The U.S. Department of Education is the lender of the Parent PLUS Loan, which can be used to help pay for education expenses not covered by other financial aid.
Application process
- Go to studentaid.gov to complete the Parent PLUS Loan application.
- On the homepage, select "Apply for a Parent PLUS Loan" under Popular Topics in the Parent tab. The direct link to the PLUS loan application is also linked here.
- Apply for Parent PLUS Loan.
- The PLUS application is required annually. Please select the school year you are applying for on the application
- Choose a specific loan amount or the maximum amount, which allows awarding up to student's cost of attendance not covered by other aid
- If a parent borrower is not approved, the student may be awarded additional Unsubsidized Direct Loan of $4,000 for freshman or sophomores, or $5,000 for juniors or seniors.
- Complete a Master Promissory Note (MPN) for a Parent PLUS Loan at studentaid.gov.
- Complete PLUS Credit Counseling at studentaid.gov.
Eligibility requirements
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The borrower must be a parent
(e.g., biological, adoptive, or in some cases, step-parent) of a
dependent undergraduate student enrolled at least half-time (6 credits).
- The dependent undergraduate student must file a Free Application for Federal Student Aid (FAFSA).
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The student must be making satisfactory academic progress.
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Credit check required.
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Eligibility is not guaranteed.
Direct Loan PLUS Master Promissory Note
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The Direct Loan Master Promissory Note (MPN) can be completed at StudentAid.gov.
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MPN is borrower and dependent student specific; a parent PLUS MPN is required for each dependent student.
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A second MPN will be required if the previous MPN required an endorser or has otherwise become inactive.
Repayment
- Interest accrual begins when funds are disbursed.
- Repayment begins 60 days after the last scheduled disbursement.
- The parent borrower may defer repayment while the student on whose behalf the loan has been borrowed is enrolled at least half-time, and for an additional six months after the student ceases to be enrolled at least half-time. Request this process when applying.