Parent PLUS Loan Overview

The Parent PLUS Loan requires an annual application.

Parents of dependent students may apply for loans from a non-need-based program, the Federal Direct Parent PLUS Loan Program. The parent may borrow an amount up to the cost of attendance minus other financial aid. At disbursement, the funds will first be transferred into the student’s University account to pay for on-campus charges (e.g., tuition and fees, room and board, and other school charges). If any money remains, the parent of the student will receive the balance, unless the parent designates that the student should be the recipient.

Interest Rate

The interest rate for the Parent PLUS Loan is fixed and based on the academic year it is borrowed. Interest begins to accumulate on the date of the first loan disbursement.

  • 2019-2020 Academic Year (July 1, 2019 & June 30, 2020): 7.08%*

*Click here for prior year interest rates.

Loan Origination Fee

  • 2019-2020 Academic Year: 4.248%

Apply for a PLUS Loan

  1. Go to the Federal Student Loan website: StudentLoans.gov
  2. Sign in using the parent FSA ID. (The FSA ID is used to access Federal Student Aid sites, including the FAFSA.gov and StudenLoans.gov). 
  3. Click on Request a PLUS Loan.

Note: If a parent is determined ineligible to borrow through the Federal Direct PLUS Loan Program, the student may be eligible for an Additional Unsubsidized Federal Direct Stafford Loan. First and second year students are eligible for up to an additional $4,000 per year, while third, fourth, and fifth year students are eligible for up to an additional $5,000 per year.