Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan is a credit-based government-sponsored fixed interest loan. A Free Application for Federal Student Aid (FAFSA) and a credit check are required for approval of this loan.

To learn about interest rates, loan fees, eligibility and repayment please read the information provided below.  Please click here if you are ready to apply for your loan.

Special Announcement

On August 9, 2013, President Obama signed H.R. 1911, the "Bipartisan Student Loan Certainty Act of 2013," into law. The effective date of the Act is retroactive to July 1, 2013. This law amends section 455(b) of the Higher Education Act of 1965 (the HEA) as it provides new formulas for the determination of interest rates for all Direct Loan types.

Loan Limits

Cost of attendance minus other financial aid. The amount borrowed may replace the expected family contribution.

Interest Rate

The interest rate for Parent PLUS loans disbursed on or after July 1, 2016 through June 30, 2017 is fixed at 6.31%,with interest beginning to accrue upon disbursement. 

Loan Fees

Federal Direct Parent PLUS loans disbursed on or after October 1, 2015 through September 30, 2016 have a 4.272 percent origination fee.

Federal Direct Parent PLUS loans disbursed on or after October 1, 2016 through September 30, 2017 have a 4.276 percent origination fee.

Loan Eligibility

Parent borrower must be a U.S. citizen or eligible non-citizen and have a satisfactory credit rating. The student must be a dependent of the parent, a U.S. citizen or eligible non-citizen and enrolled at least half-time.  

Disbursement Terms

In a typical academic year, Federal Direct Loans are disbursed in two installments. When the academic period is for one semester or for the summer term, one disbursement is permitted at the beginning of the term. During the regular academic year (fall/spring semesters) funds cannot disburse more than 10 days prior to the first day of class. For the summer term, funds cannot disburse more than ten days prior to the first day of class.  

Grace Period

Repayment typically begins 60 days after the final disbursement of the loan. Parents may request an in-school deferment with the U.S. Department of Education. If the deferment is approved, repayment will begin six months after the student completes his or her program. If a parent has an approved deferment and the student drops below half-time enrollment or withdraws from the University, the parent borrower will enter into a six-month grace period prior to repayment of the loan.

Click here to Apply Now

On August 9, 2013, President Obama signed H.R. 1911, the "Bipartisan Student Loan Certainty Act of 2013," into law. The effective date of the Act is retroactive to July 1, 2013. This law amends section 455(b) of the Higher Education Act of 1965 (the HEA) as it provides new formulas for the determination of interest rates for all Direct Loan types.