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Parent PLUS Loans

Loan basics

  • Subsidized
    • No
  • Interest rates
  • Loan fees
  • Grace period
    • No, see deferment discussion below.
  • Cancellation
    • You or your parents may be eligible for Public Service Loan Forgiveness. Borrowers will need to work with their servicer to determine eligibility. Additional info regarding Public Service Loan Forgiveness may be found at at

Loan criteria

Parent PLUS loans are available to qualifying parents of dependent undergraduate student. Regardless of the borrower, the terms of the loan are the same.

Eligible parents of dependent undergraduate students must complete the following:

  • Complete the parent PLUS certification form for the appropriate academic year,
  • New borrowers must complete a master promissory note,
    If you or your parents are unable to pass the credit check criteria, you can appeal the decision or you can add an endorser (cosigner) to the application by following the steps provided by the lender.

Loan interest information

Interest on these loans accrues from the moment of disbursement and throughout the entire life of the loan. The loan origination fee will be deducted from your disbursements by the government before the funds are issued.

Amount you can borrow

The Federal Direct Parent PLUS loan is a non-need-based loan that requires a credit check. The annual loan limit is your cost of attendance minus any other aid they are receiving. There is no aggregate cap on this loan program.

Repaying your loan

  • Parent PLUS loans begin repayment as as soon as the loan is fully disbursed. However, your eligible parent(s) have the option of deferring repayment while you are enrolled as at least a half-time student and for six months following your graduation/dropping below half-time enrollment.
  • During the deferment period, no payment will be due.
  • After the deferment period expires, you have a 10-year standard repayment term, with the option of extension in the cases of financial hardship or large loan balance.
  • These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on your loan.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.