Financing Options - Undergraduate Students

Federal Direct Parent Loan (PLUS)

The parent is the borrower of this federal credit-based loan.

Eligibility Requirements
  • You must be the parent of a dependent student enrolled at least half-time in a degree or certificate program at a participating school.
  • The parent must be a U.S. Citizen or National or Permanent Resident/Other Eligible Non-Citizen.
  • Your student must have a FAFSA on file.
PLUS Loan Basics
  • A credit check is required.
  • Parents may borrow up to the cost of attendance minus any other financial aid received.
  • Interest begins accruing at the time of disbursement.
  • The interest rate is fixed and determined annually.
  • The government withholds an origination fee from each disbursement.
  • Parents will be required to sign a Master Promissory Note (MPN), a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
How to Apply
  1. Parents sign into www.StudentAid.gov using the FSA ID (username and password) the parent used to sign the FAFSA.
  2. Select the option “Apply for a PLUS” then complete and submit the application.
  3. If approved, parents will need to “Complete a Master Promissory Note" for a PLUS Loan (MPN).

If a parent is not approved for the Federal Direct Loan (PLUS), the parent may:

  • Appeal the decision with the U.S. Department of Education.
  • Obtain a creditworthy endorser.
  • Choose to “Not Pursue the PLUS Loan.” With this option, the student is eligible to borrow an additional $4,000 for the year (as a freshman or sophomore) and $5,000 for the year (as a junior or senior) in the Unsubsidized Federal Direct Student Loan program.
  • Have the other parent apply for the Federal Direct Parent Loan (PLUS) in their name.

Private Alternative Loan

This private, credit-based loan is borrowed by the student and a creditworthy cosigner.

  • This loan is offered through many lenders, such as banks, credit unions, state agencies, and other financial institutions.
  • These loans are credit-based and may have either fixed or variable-interest rate.
  • The loan application process is completed online and may take a minimum of four weeks for approval and subsequent processing by the University.

Please visit the Financial Aid Office for more information on applying for loans.