Federal Direct Parent PLUS Loan

Federal Parent PLUS Loans are available to parents of dependent undergraduate students to help them pay for their child’s college education expenses up to the cost of attendance minus all other financial assistance.

  • The Federal Direct Parent PLUS application process requires an approved credit check from the U.S. Department of Education.
  • Interest is charged from the date of the first disbursement and accumulates during all periods.
  • Repayment begins 60 days after the loan is fully disbursed. A deferment while the student is enrolled at least half-time can be requested.
  • A FAFSA must be submitted before a Parent PLUS loan can be certified.
  • A Parent PLUS borrower must be a U.S. citizen or eligible non-citizen and not be in default on any other federal loan.
  • A Parent PLUS Loan will be certified after receipt of both an approved credit decision AND a valid PLUS MPN.
  • If a Parent PLUS application is denied, the parent has the option to include an endorser/co-signer on the application or appeal the credit decision with the Department of Education.
    • The endorser must complete an Endorser Addendum which requires that the endorser undergo a credit review.
    • The Department of Education will require PLUS Loan counseling for any PLUS applicant who qualifies for a PLUS Loan through an appeal process or by obtaining an endorser for the loan.
  • If the parent decides not to add an endorser or appeal, a dependent student becomes eligible for additional Federal Direct Unsubsidized Loan funds. In this case, the student should complete the Request for Additional Unsubsidized Loan per Parent PLUS Denial.
  • Our office will be notified if you are approved for the Parent PLUS loan. It can take two to three weeks to see the loan reflected on your PAWS account. This timeframe can vary depending on the time of the year.
  • Not sure which is for you? Compare PLUS and Private Loans side by side.
  • Find additional information on Federal Direct Loans at the U.S. Department of Education website.

Interest Rates and Origination Fees

Interest rates will vary depending on the date of disbursement and type of loan a student borrows. Origination fees of approximately 4% are deducted from the total amount of the loan. Please click here for most recent information on interest rates and origination fees.