Parent PLUS Loans

Through the Federal PLUS Loan Program
    - Biological parents or
    - Step-parents of dependent undergraduate students whose information is provided on the FAFSA
may apply for assistance through the Federal PLUS Loan program.
An eligible parent may borrow up to the annual cost of attendance minus any other financial aid that the student receives for the year.
Independent students are not eligible.

The following is true of all Parent PLUS Loans:

• FAFSA is required
• The PARENT is responsible for repayment of this loan
• Parent's credit check required
• A net origination fee (after instant rebate) of 2.5% will be charged
• 7.9% fixed interest rate for 2010-2011 and 2011-2012
• Half-time enrollment required (at least 6 credit hours)
• Student must maintain satisfactory academic progress according to Financial Aid Academic Progress Standards
  • Undergraduate Academic Progress Standards
• Repayment begins 60 days after the funds are fully disbursed. Deferment options available while the student is in school
• If PLUS loan is denied, the student gains eligibility for additional unsubsidized Stafford loan. Parent may also seek endorser or appeal the PLUS denial.
  (If PLUS loan is subsequently approved, student is NOT eligible for additional unsubsidized Stafford loan.)

Parent Plus loan proceeds will be applied to tuition and related fees on the students account. Should this payment exceed the total tuition and related fees, a settlement check will be issued to the recipient indicated on the actual PLUS Loan Application. The parent borrower may choose to have the excess funds disbursed directly to the student or to the borrower by indicating so on the PLUS Loan Application when asked for the Credit Balance Refund Option.

How to Apply:

1. Parent Borrower must Request a PLUS Loan with the federal government using the Parent's FAFSA PIN.
2. Parent Borrower must sign a Master Promissory Note (MPN) with the federal government using the Parent's FAFSA PIN. 
   The Master Promissory Note (MPN) may be completed after the parent is approved at the end of the request process (#2) above.


Attention Summer Borrowers: When applying for a PLUS loan for a summer term, please be sure to select the appropriate award year.
(Example: When applying for 2012 summer terms, select the award year 2011-2012.)

Deferment Options
An in-school deferment will delay payments on the PLUS loan until six months after the dependent student, on whose behalf the parent borrowed, ceases to be enrolled at least half-time (6 credit hours). To request an in-school deferment, AFTER the first PLUS loan disbursement, please contact Direct Loan Borrower Services at 1-800-848-0979. Deferment needs to be made on an annual basis, and may be requested 14 days after the loan has been disbursed to the student's account. Interest will continue to accrue on this loan during the deferment period. Therefore, we suggest that you consider making interest payments during this deferment period.