PLUS Loans (Parent Loans)

To take out a Federal PLUS loan, you must be the parent of a dependent child who is enrolled at an approved school at least half-time and is making satisfactory academic progress. You should have no adverse credit history. Federal PLUS loans are not based on parents' income.

You may borrow up to the cost of education minus other financial aid awarded, as determined by the financial aid office. You may borrow for each of your dependent children. The interest rate is variable but may not exceed 9 percent. Repayment begins 60 days after disbursement.

For example, if your school's cost of attendance is $10,000 and you're eligible for $5,000 in other aid, you may borrow up to $5,000 through a Federal PLUS loan. The cost of education includes tuition and fees, room and board, books and supplies, transportation and miscellaneous expenses.

Once your loan is approved, the funds will be sent to the school. Federal PLUS loans are usually disbursed in at least two installments, and the checks are made co-payable to the parent and the school. The money will be applied to the student's school account to pay for educational expenses. You will receive any remaining loan money in a check. This remaining money must be used to pay future tuition and other educational expenses.

In order to receive a Federal PLUS loan you must first complete the Pre-approval Application. You may do so by clicking on the button below.