Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan is a credit-based loan with a fixed interest rate of 8.05% with default and up front origination fees of 4.228% (for loans made before October 1, 2023). Students must be enrolled at least half-time in a degree seeking program, be meeting the Federal Academic Progress Standards (SAP), and have a completed FASFA on file for parents to access a PLUS loan.  The parent borrower must be either a biological or adoptive parent, or step parent.  Parent borrowers and their student must also be U.S. citizens or eligible noncitizens and not currently be in default on Federal aid.  Through the Federal Direct PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student. You may indicate on your Federal Direct Parent PLUS Loan application that you would like an automatic deferment while your student is attending school and/or a request for a 6 month deferment post enrollment.  For additional information search the Federal Student Aid website.

If a parent is denied a Federal Direct Parent PLUS Loan, the student may automatically be considered for an additional unsubsidized Federal Direct Stafford loan in an amount up to $4,000/year for first year students and sophomores.  Borrowers also have the option to either appeal the credit decision with the U.S. Department of Education or get an endorser for the loan by choosing the associated bubble on the results page after submitting your online Federal Direct Parent PLUS Loan application.   The Financial Aid Office will post the additional unsubsidized loan and the student will need to accept it if they want it.

If there is a Federal Direct Parent PLUS Loan denial and certification of an additional unsubsidized Federal Direct Stafford loan has occurred, the same parent borrower or another parent borrower can later appeal or seek an endorser and be approved.  If this is the case, the student’s undisbursed additional unsubsidized Federal Direct Stafford Loan will be cancelled.

Repayment Options:

Additional information regarding repayment can be found here.

How to Apply: Click Here

Directions for Changing your Federal Direct Parent PLUS Loan:

If you would like to change your Federal Direct Parent PLUS loan, the parent borrower must submit a written request to the Financial Aid Office.  Parents can email from the email address on their PLUS application and include a phone number where the parent borrower can be contacted.  If you would like to increase the Federal Direct Parent PLUS Loan and it is more than 180 days since the initial credit check was completed, the Parent Borrower will need to complete a new Federal Direct Parent PLUS loan application.

Federal Loan Servicers:  For questions about loan repayment or deferment, a borrower can contact his or her Federal Direct Parent PLUS Loan servicing center.  Not sure who your Federal loan servicer is?  Look it up on National Student Loan Database System, or call the Federal Student Aid Information Center at 800-4-FED-AID. Borrowers can also find more resources at the website for the Federal Direct Loan Servicers.