Parent Plus Loan
What is a Direct PLUS Loan?
Direct PLUS Loans are unsubsidized loans available to parents of dependent students to help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. The current interest rate is fixed at 7.9%.
How do my parent's apply?
- Parents should go online to www.studentloans.gov.
- Sign in with their parent information (using their own PIN number, not their child's PIN number).
- If you do not have a Federal PIN number, please visit www.pin.ed.gov.
- Once you are signed in, click on the link: Request a Direct PLUS Loan.
- Complete all steps in the application and submit.
Please keep in mind...
- Must be the biological or adoptive parent of a dependent undergraduate or the spouse of the parent.
- The student must be enrolled at least half-time (6 credit hours) before it will apply to the account.
- A Master Promissory Note (MPN) may be required before the loan may be applied.
- Processing time is 3-5 business days after the application process is complete and received by the school.
- For fee payment, the loan must be fully processed and applied to the student's account before the fee payment deadline.
What if my parent is denied?
If your parent is denied the Direct Plus Loan, s/he may choose:
- To have additional X-Unsubsidized loans processed in the student's name.
- For Freshman and Sophomore students, the maximum is $4,000 per aid year.
- For Junior and Senior students, the maximum is $5,000 per aid year.
- To seek a co-signer or endorser (through www.studentloans.gov).