Federal PLUS Loans

A Parent Loan for Undergraduate Students (PLUS) loan is an unsubsidized loan available to the parents of dependent undergraduate students. If parent borrower is denied a PLUS loan, the student may be eligible to borrow additional unsubsidized loan funds.


Eligibility requirements are as follows:

  • The student must be attending at least half-time.
  • The parent(s) must have good credit history.
    Parents with adverse credit may be eligible with a credit-worthy co- borrower or by proving extenuating circumstances that are acceptable to the lender.
  • Completion of the FAFSA is recommended but not required.


The parent, not the student, is responsible for repayment of the PLUS loan, and has the following conditions:

  • Repayment begins 60 days after full disbursement of the loan proceeds for the academic year.
  • The repayment term is up to 10 years.
  • There is no grace period. Interest begins to accumulate when the first disbursement is made.
  • Parents must begin repaying both principle and interest while student is in school.

PLUS Loan Limits

The parent may only borrow up to the cost of attendance minus any other financial aid awarded.

Interest Rate and Origination Fee

PLUS loans have a variable interest rate that changes every July 1st, but does not exceed 9%. An origination fee of up to 3% may be charged.

Applying for a PLUS Loan

A parent must contact lender of choice to initiate application process. Once the application process is complete, the lender notifies the school of approval or denial. The school will certify accordingly within cost of education.