Your parents have the option to help further finance your education by applying for a non-need based loan, the Parent PLUS Loan. 

Parent PLUS Loan Overview

The Parent PLUS Loan requires an annual application.

A 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. 

Apply for a Parent PLUS Loan

  1. Log in to the Federal Student Loan website using the PARENT FSA ID and password.
  2. Click on "Request a PLUS Loan" and complete the application. 

  3. Complete the Parent PLUS Loan Master Promissory Note (MPN).

    1. 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.

 

***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.

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
7/1/2025 - 6/30/2026 8.94%
7/1/2024 - 6/30/2025 9.08%
7/1/2023 - 6/30/2024 8.05%
7/1/2022 - 6/30/2023 7.54%
7/1/2021 - 6/30/2022 6.28%
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 7.00%

Loan Origination Fees for Direct Parent PLUS Loan

First Disbursement Date Loan Fee
On or after Oct. 1, 2020, and before Oct. 1, 2025 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%

Repayment

  • The parent is responsible for the repayment of this loan.
  • Repayment for a Federal Direct PLUS Loan begins at the time the PLUS Loan is fully disbursed (for full academic year loans, the loan is fully disbursed on the first day of the Spring Term), and the first payment is due within 60 days after the final disbursement.

PLUS Loan Deferment

You may obtain a deferment request form from the Loan Servicer listed on the disclosure statement provided when you receive the loan.

You may defer repayment:

  • While the student on whose behalf the parent borrowed the loan is enrolled at least half-time at Lawrence (8 or more units per term).
  • For an additional six months after the student ceases to be enrolled at least half-time.

When requesting a deferment, a parent borrower must indicate whether he or she wishes to defer repayment only while the dependent student is enrolled on at least a half-time basis or both while the student is enrolled and during the 6 month period after the student ceases to be enrolled on at least a half-time basis. If a parent borrower does not request a deferment, the first payment on the loan will be due within 60 days after the loan is fully disbursed. 

Interest during PLUS Loan Deferment

  • Interest will accrue during the deferment period. 
  • The parent borrower will be sent quarterly interest statements and will have the option of paying the interest as it accrues during the deferment period. If the parent does not pay the interest as it accrues, the unpaid accrued interest will be capitalized (added to the principal balance) at the end of the deferment period.