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Federal Parent Loan for Undergraduate Students (PLUS)
The Federal PLUS Loan program allows parents to borrow money to pay the education expenses for their child who is a dependent undergraduate student enrolled at least half time. The maximum loan amount available per year is the student’s cost of attendance less any other financial aid the student is receiving.
Parents begin repaying the loan within 60 days after the final loan disbursement. There is no grace period for these loans, but a parent may request in-school forbearance for the student. Interest begins to accumulate at the time the first disbursement is made.
Loan features:
- 8.5% fixed interest rate
- 3% origination fee
- 10 years allowed for repayment
- Parent must not have adverse credit. If the PLUS Loan is denied to the parent, the student qualifies for an additional Unsubsidized Stafford Loan.
- The loan may be discharged or cancelled in the case of the parent’s or student's death or the parent’s permanent and total disability.
- Parents may be able to take advantage of tax deductions for interest paid on the Federal PLUS Loan.
- Parents may annually request in-school forbearance for their student.
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 Financial aid |
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