PLUS Loan
Parent Loan Programs (PLUS)
In addition to student loans, parent loans are also available. Parents of dependent students may borrow through the Federal PLUS Loan Program any amount up to the cost of attendance minus any financial aid received by the student. These loans enable parents with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate student enrolled at least half-time. This year the interest rate is 7.9% fixed. Repayment generally begins 60 days after the final disbursement for the academic year. However, if the parent applies for a PLUS loan and it is declined by the Department of Education, the student can then come to the financial aid office to see a counselor to inquire about an Unsubsidized Stafford Loan.