Federal PLUS Loan
PLUS loans are federal loans that parents of dependent undergraduate students and graduate degree seeking students can use to help pay education expenses.
Here is a quick overview of the PLUS loan
- The U.S. Department of Education is the lender.
- The borrower must not have an adverse credit history.
- Loans first disbursed on or after July 1, 2018 and before July 1, 2019 have a fixed interest rate of 7.6%.
- There is a 4.248% loan origination fee that will be deducted from each loan disbursement.
- A current year FAFSA must be on file in the financial aid office.
- The student must be enrolled at least half-time (6 undergraduate credits or 3 graduate credits).
- The borrower must complete a Request a PLUS Loan every time you want to borrow.
- The borrower must have a completed Master Promissory Note on file for each student they are borrowing for.
- The maximum loan amount is the student's cost of attendance minus any other financial aid received.
- If you are denied the PLUS loan, please contact the Financial Aid Office.
For a complete list of the terms and conditions governing the Federal PLUS Loan please refer to the Federal PLUS Loan Master Promissory Note (MPN) (PDF).
Am I eligible for a Federal PLUS Loan?
To receive a PLUS loan,
- You must be the parent of a dependent undergraduate student enrolled at least half-time in a degree granting program.
- A graduate student who has been accepted into a degree granting program prior to borrowing. (If you completed a Graduate Special application or an Additional Major application, you are not officially accepted into a degree seeking program.)
- Meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements.
How do I apply for a PLUS Loan?
- Go to the Federal Parent PLUS loan website.
- The parent taking out the loan must sign in under their social security number and federal pin number in order to complete the processing for this loan.
- First time PLUS loan borrowers will need to complete the Request a PLUS Loan and a Master Promissory Note.
- Continuing borrowers for the same student will only need to complete the Request a PLUS Loan. You must have a separate promissory note and loan request for each student you are borrowing for.
- The student must have a current year FAFSA completed before taking out this loan.
- If you are denied this loan, please contact the Financial Aid Office.
Can I still receive a PLUS loan if I have an adverse credit history?
A credit check will be performed during the application process.
If you have an adverse credit history, you may still receive a PLUS loan by obtaining an endorser who does not have an adverse credits history or documenting the U.S. Department of Education's satisfaction extenuating circumstances relating to your adverse credit history.
If you are a parent borrower, the endorser cannot be the child on whose behalf you are borrowing. If a parent borrower is unable to secure a PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans to help pay for their education.
The student should contact the financial aid office if a parent is denied the PLUS loan.
When do I begin repaying my loan?
Your PLUS loan enters repayment once your loan is fully disbursed (paid out).
If you are a parent borrower, you may contact your loan servicer to request a deferment while you or your child is enrolled at least half-time and for an additional six months after your child ceases to be enrolled at least half-time.
If you are a graduate student your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.
If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends.
Your loan servicer will notify you when your first payment is due.