Federal PLUS Loans

Start Application

or dial
1-800-320-1830

mention code: START

Note:
The PLUS loan is available only to parents who can pass a credit check. You may want to check your credit report prior to application: click here

Loan Calculators

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Federal Parent Loan
for Undergraduate Students (PLUS)
 

• Available to the parents or guardians of dependent undergraduate students regardless of financial need
  
  The student must meet certain criteria in order qualify for financial loan assistance:
  
  view student eligibility requirements
  
  
• The school's Financial Aid Office will determine the student's dependent or independent status.
  
  General guidelines state that students who are "independent" from their parents or guardians for basic living expenses will be eligible for Independent loan limits. Students who are "dependent" upon their parents or guardians for basic living expenses will be eligible for Dependent loan limits:
  
  link to view student dependency status.
  
  
• Parents may borrow up to the cost of attendance minus the amount of any financial aid received (including received Stafford loan amounts).
  
  
• Borrowed funds will be paid directly to the school from the lender or by the Federal Government under FDSLP.
  
  The school will first use the money to pay your child's tuition and fees. Any remaining loan money is credited to your child's account or paid to the parents directly. The school must notify the parent of all credited funds.
  
  
• PLUS loans are variable rate loans with an upper limit (rate cap), meaning that the rate can change up or down each year on July 1 but will never go higher than the cap (currently at 9%):
  
  view current PLUS Loan rates:
  click here
  
  view rate structure as set by the Federal Government (download docs): http://www.fp.ed.gov/PORTALSWebApp/fp/intrates.jsp
  
  
  
• You may be required to pay up to 4% processing fees to the lender upon loan disbursement. Portion of these fees go the Federal Government and another portion to a guaranty agency to help reduce the cost of issuing the loans.
  
  Generally these fees are deducted proportionately from each loan disbursement.
  
  You may cancel the loan within 14 days after you receive written notification that funds have been credited to your child's account. Contact the school's financial aid office for cancellation terms.
  
  
• Repayment begins 60 days after loan funds have been disbursed to the school — deferments may be available for parents (the adult students) who are attending school at least half-time.
  
  The repayment period is 10 years under one of the following plans:
  
  
  1. Standard Repayment Plan: you pay a fixed amount per month
     
     
  2. Graduated Repayment Plan: you begin payments that are low (equal to the interest accrued) and then increase over time until full repayment
     
     
  3. Income-Sensitive Repayment Plan: the monthly payments change based upon annual income
     
     
  4. Extended Repayment Plan: allows new borrowers on or after 10/7/98 with a total FFELP debt of at least $30,000 (FDSLP loans offer other repayment terms) to repay their loan (either fixed or graduated) for up to 25 years.
     
     You can consolidate your loans with extended repayment terms if you qualify. See our affiliated student loan consolidation site: click here
     
  
  
  
• The PLUS loan is available only to parents who can pass a credit check; if the parents fail to pass the credit check, they may receive the loan if someone with a good credit history co-signs for the loan or if the parent can show extenuating circumstances.
  
  
• For more information:
  
  follow the financial aid path: reviews the steps required when applying for federal financial aid.
  
  link to the U.S. Department of Education to download the latest version of the Student Guide