Federal Direct Parent Loan (PLUS)

• Quick Facts about the PLUS Loan
  • Parents can apply for up to the Cost of Attendance minus any financial aid the student is receiving.
  • The current interest rate for the 2024-2025 academic year is fixed at 9.08%. Interest rates for the new academic year are determined by July 1 each year.
  • Financial need is not required.
  • The parent borrower cannot have an adverse credit history.
  • The parent cannot be in default on another federal loan.
  • There is an origination fee that is deducted from the loan before it is disbursed to the University. This origination fee is currently 4.228% but is subject to change.
  • Repayment of this loan may be deferred while the student is enrolled at least half-time and for an additional 6 months after the student graduates, leaves school, or drops below half-time enrollment. Deferment may be requested during the loan application process.
    Note: Interest accrues on the loan during the deferment period as well as during any period when a payment is not required.
  • If a deferment is not requested, repayment of principal and interest begins after the loan is fully disbursed (paid out). The standard repayment period is a maximum of 10 years.
  • Eligibility for the Direct PLUS Loan is based on the borrower’s credit worthiness. The U.S. Department of Education will run a credit check to determine if a parent is eligible for the loan.
  • Parents are encouraged to apply for a loan for the entire academic year rather than applying prior to each semester.
  • Learn more about the Federal Direct Parent Loan (PLUS)
• The Application Process
  • A parent may apply by visiting https://studentaid.gov/plus-app/parent/landing
  • Parents are encouraged to apply for a loan for the entire academic year rather than applying prior to each semester.
  • Parents must sign into this federal site using their FSA ID they used to sign the student’s FAFSA.
  • If the parent who is applying for the Direct PLUS Loan does not have an FSA ID, you must first Create Your FSA ID in order to apply for this loan.
  • Once the online loan application is completed and submitted, the parent will be notified immediately with the status of the loan.
• If the Loan is Approved
  • The parent must sign a PLUS Master Promissory Note (MPN) on the same website. The MPN is a legal document in which the borrower promises to repay the loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of the loan(s).
  • Once all requirements have been met and appropriate documents submitted, approved loans will be added to the student’s financial aid and the student must accept the loan on the University’s online financial aid system.
  • The Financial Aid Office will process the federal Direct parent PLUS Loan that the student accepts on their Financial Aid Offer.
  • The U.S. Department of Education will place the processed loan with a federal Loan Servicer (company that collects the repayment of your loan(s)).
  • To view your processed loans and Loan Servicer log into the federal website studentaid.gov using your FSA ID you used to sign the student’s FAFSA. Loans MUST BE PROCESSED to view on this website.
  • The Direct PLUS loan is normally payable in two equal disbursements. If the loan is approved for the academic year, one half of the total loan amount will disburse in each semester. The loan will not be disbursed to the student's Bursar account until after the start of each semester.
• Repaying your PLUS Loan
  • Repayment of principal and interest begins after the loan is fully disbursed (paid out) unless a deferment is requested.
  • The standard repayment period is a maximum of 10 years.
  • Repayment of this loan may be deferred while the student is enrolled at least half-time and for an additional 6 months after the student graduates, leaves school, or drops below half-time enrollment. Note: Interest accrues on the loan during the deferment period as well as during any period when a payment is not required.

  The following link offers important information about Repaying your parent PLUS loan. Repayment plans and calculators are available, as well as information on Deferment, Forbearance, Cancellation, and Consolidation. You can estimate your monthly payment using the Loan Simulator.

• If the parent is DENIED for the Loan

  The following are options when a parent is denied for the federal Direct Parent PLUS Loan.

  1. The parent may attempt to Appeal the decision of the denied loan with the U.S. Department of Education.
  2. The parent may obtain a credit worthy endorser if the parent is not in default on another federal loan. The endorser would act as a "co-applicant" for the loan and agrees to repay the Direct PLUS loan if the parent does not repay the loan.
  3. The other parent may try to apply for the loan.
  4. The parent decides to NOT pursue the Loan and the student may borrow a limited amount of additional Federal Direct Unsubsidized Student Loan for the academic year:
     • $4,000 for First Year & Sophomores
     • $5,000 for Juniors & Seniors

NOTE: Parents who want to apply for the PLUS Loan for the 2025-2026 academic year must wait until after April 15, 2025 when the 2025-2026 PLUS Loan application is available.