Parent PLUS Loan Overview

The Parent PLUS Loan requires an annual application.

Parents of dependent undergraduate students may apply for loan from a non-need-based, 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 funds remain, the parent of the student will receive the balance, unless the parent designates that the student should be the recipient.

Interest Rates & Fees

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. The origination fee is deducted from each disbursement.

Interest Rates for Direct Parent PLUS Loan
Academic Year Interest Rate

7/1/2021 - 6/30/2022

7/1/2020 - 6/30/2021 5.30%
7/1/2019 - 6/30/2020 7.08%
7/1/2018 - 6/30/2019 7.60%
7/1/2017 - 6/30/2018 7.0%


Loan Origination Fees for Direct Parent PLUS Loan
First Disbursement Date Loan Fee
On or after Oct. 1, 2020, and before Oct. 1, 2021 4.228%
On or after Oct. 1, 2019, and before Oct. 1, 2020 4.236%
On or after Oct. 1, 2018, and before Oct. 1, 2019 4.248%
On or after Oct. 1, 2017, and before Oct. 1, 2018 4.264%

Apply for a PLUS Loan

  1. Go to the Federal Student Loan website:
  2. Sign in using the parent FSA ID and password.
  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 Federal Direct Unsubsidized Loan: 

  • First and second year students are eligible for up to an additional $4,000 per year.
  • Third year students and beyond are eligible for up to an additional $5,000 per year.

PLUS MPN for Parents

If you decide to borrow a Federal Direct Parent PLUS Loan, you (the parent borrower) are required to complete a Parent PLUS Loan Master Promissory Note (MPN)The Parent PLUS Loan MPN can be completed online using the parents' FSA ID and password.