Parent PLUS

A PLUS loan is the best loan for parents who want to pay for their child’s education.

Apply Now

Eligibility

Parent
To get a Parent PLUS loan, you must:

  • Be the student’s natural parent, adoptive parent, or in some cases, stepparent
  • Be a U.S. citizen or eligible non-citizen
  • Have no education loans in default or owe educational grant refunds
  • Be creditworthy

Student
For your parent to get a Parent PLUS loan, you must:

  • Complete the Free Application for Federal Student Aid (FAFSA)
  • Be a dependent student. Parents of independent students are not eligible.
  • Be enrolled in a school that participates in the Federal Family Education Loan Program
  • Be enrolled at least half-time while working toward a degree or certificate
  • Have no education loans in default or owe educational grant refunds
  • Register with the Selective Service, if you are male and 18-25 years old

Features & Terms

Who Pays
  • The parent repays the loan.

Interest Rates
  • The current fixed interest rate is 8.5% for loans disbursed on/after July 1, 2006.
  • Your lender may offer additional interest rate reductions. Be sure to ask.
  • Will never exceed 9.0%.
  • Interest payments can be tax deductible.

Fees
  • Origination fees will not exceed 3%.
  • Federal default fee will not exceed 1%.

Annual Loan Limits
  • Borrow the difference between your child’s cost of attendance and financial aid award - up to 100% of total costs
  • Use loan funds for all associated costs - including tuition, room and board, books, transportation, computer, etc.

Repayment
  • Repayment begins within 60 days after the school receives the final loan funds.
  • Take 10 years to pay - longer with flexible repayment options.
  • No penalties for paying your loan off early.

Loan Management

Apply for this Loan

  • No income requirements
  • Poor credit? May still qualify with credit-ready endorser

Apply Now