Who it’s for
A Parent Loan for Undergraduate Students (PLUS) is a flexible option for parents looking to help pay for school costs.
Am I eligible for a PLUS loan?
You can get a PLUS loan if you are a creditworthy parent, adoptive parent or spouse of a remarried parent of a dependent undergraduate student who is enrolled at least half time in an eligible institution.
Is there a maximum amount I can borrow?
Yes, the maximum PLUS loan amount is equal to the cost of attendance, as determined by the school, minus any other financial aid the student may be receiving.
What will my loan interest rate be?
With a PLUS loan your interest rate is set at a fixed rate of 8.5% on loans disbursed on or after July 1, 2006 for loans made until June 30, 2009, as set by the federal government.
When can my student expect to receive their funds?
Before your student can receive their loan, they must make sure to check with their school’s financial aid administrator to ensure that their loan eligibility is certified. Funds for PLUS loans are disbursed in two payments on the dates requested by their school.
For more information on disbursement dates, students can check with their school’s financial aid department.
What do I need to know about repayment of my loan?
Payments of principal and interest begin within 60 days of final loan disbursement
Payment may be deferred while student is enrolled at least half-time in a degree program. Otherwise, repayment of principal and interest will begin within 60 days of final disbursement
Your maximum repayment term is 10 years1
There is a $50 minimum monthly payment
There is no penalty for early repayment
What else do I need to know?
Please note that the federal government deducts a 3% origination fee from your loan proceeds. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan.
When you apply for a PLUS loan online you can get a conditional credit decision within minutes.
How do I apply?
You can also download an application and mail it to us
Note: Applying via mail takes 10 additional days to process your application.
