Financing Options - Undergraduate Students
Federal Direct Parent Loan (PLUS)
The parent is the borrower of this federal credit-based loan.
- 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
- Parents sign into www.StudentAid.gov using the FSA ID (username and password) the parent used to sign the FAFSA.
- Select the option “Apply for a PLUS” then complete and submit the application.
- 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.