PLUS (Parent Loans for Undergraduate Student)

PLUS Loans enable parents who do not have an adverse credit history to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. The interest rate is a fixed rate of 8.5%. Credit checks are conducted by the lender to determine loan approval. If the loan is denied, the lender is responsible for notifying the parent (borrower). Repayment on the PLUS Loan begins 60 days after the final loan disbursement for the period of enrollment for which the loan is made, or borrowers may choose to defer payments until 6 months after the date the student ceases halftime enrollment. Parents may borrow up to a student’s full Cost of Attendance (COA), minus any other financial aid and direct resources. PLUS are Federal Family Education Loan (FFEL) Program loans, and borrowers may choose any lender. Click here for more information about lenders.