Parent PLUS Loan Overview
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.
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.
- 2020-2021 (July 1, 2020 - June 30, 2021): 5.30%
Loan Origination Fee:
- October 1, 2020 - September 30, 2021: 4.228%