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The Parent PLUS loan allows the parents of dependent students, who are enrolled at least half-time, to finance the educational expenses of their child. The student must complete a FAFSA and meet all eligibility requirements to receive aid. The annual limit on a Parent PLUS loan cannot exceed the student’s cost of attendance, minus any financial aid the student is receiving. The interest rate is variable (capped at 9%) and begins to accrue at the time the first disbursement is made. Repayment of principal and interest begins 60 days after the loan is fully disbursed.

Borrowers are required to pass a credit check and loan approval is based on credit worthiness. Household income is not considered when determining eligibility for this loan. If the Parent PLUS Loan is denied because of adverse credit, the dependent student may qualify for an additional Unsubsidized Direct Stafford Loan. The amount of eligibility will be determined in part by the student’s grade level, other financial aid, and cost of attendance.

If your parent wishes to borrow a Parent PLUS loan, your parent must:

• Be your biological, adoptive or step-parent (legal guardians may not borrow for student)
• Be a US citizen or eligible non-citizen
• Not be in default or owe a refund to any Federal Student Aid program.
• Complete the PLUS request process at https://studentloans.gov.
• Complete the Direct PLUS Master Promissory Note requirements, available online at https://studentloans.gov.