Federal PLUS (Parent) Loan

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Federal PLUS (Parent) LoanFederal PLUS (Parent) Loan

A parent of a dependent student enrolled at least half-time is eligible to apply for a PLUS loan. The parent applying for the loan must also be a citizen or resident of the United States, pass a credit check, and not be in default or owe a refund to any student financial assistance program. Repayment begins within 60 days after the lender disburses the final portion of the loan. The yearly limit on a PLUS loan is equal to the cost of attendance minus the sum of all other forms or financial aid already awarded. The interest rate is a fixed rate of 8.5% and begins to accrue as soon as the lender disburses the loan. The processing fee is up to 4%, depending on the lender.

You are strongly encouraged to borrow only what you need. For parents who choose to borrow a loan for their dependent child, the amount on the award letter may show the maximum amount of loan eligibility for the PLUS Loan. You may not need this amount to satisfy your financial obligation to the college. Loan borrowers may be charged a guarantee and/or an origination fee of up to 4% of the loan. For instance, if you borrow a $2,000 loan, you may only receive $1,920 ($2,000 minus the 4% fees).

PLUS Loan borrowers will need to complete additional paperwork under this program. Choosing a lender is an important part of the loan application process. Please access our "Lender List for PLUS (Parent) Loans" (click here) link at to assist you in the application process.

These lenders are chosen as preferred because of their use of USA Funds, our guarantor and disbursing agent; the historical relationship with the college and processing speed and service.

To process a loan from another lender or guarantor, you must submit the paper application you obtain from your lender for our manual certification which will await a paper check from the lender. A pre-approval from ANY lender or guarantor can also delay your processing. This can result in delays and sometimes rejection of the loan.

The information on this page is provided by the lenders but is subject to change at any time; you are urged to check with the lender when choosing a lender based upon borrower benefits.