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Parent Loans for Undergraduates

Loans are available for parents to cover the cost of the family contribution. PLUS (Parent Loans for Undergraduate Students) are Federal Direct Loans in which the parent of a dependent student is the applicant/borrower.

Terms of PLUS Loans

The amount borrowed on a PLUS loan can be as high as the cost of education minus all other aid. A credit check is required to determine eligibility. Parent borrowers must complete a PLUS application and a Master Promissory Note (MPN) at www.StudentLoans.gov.

There is a fixed interest rate of 7% for Direct PLUS Loans for the 2017-2018 academic year. An origination fee of 4.276% is deducted from each disbursement. Repayment begins 60 days after the last disbursement of the loan. For additional information please visit the Federal Student Aid website.

Note: Request a Direct PLUS Loan no earlier than 60-days before the first term of attendance each academic year. There is a limited amount of time for the college to certify an approved loan, and if you are approved too soon the credit check may expire before it is possible to certify the loan. If this happens you will have to complete a new application.

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