Federal Direct Parent PLUS Loan
Parents of dependent students, as defined by the federal government, are eligible to apply for the Parent PLUS Loan to assist their students’ educational needs. Students must complete the appropriate year FAFSA. Eligibility for this loan will be based on a credit check performed by the Department of Education upon submission of the Parent PLUS Loan application.
To apply for the Parent PLUS Loan, visit https://studentaid.gov/mpn/. The application opens on/after April 1st for each upcoming academic year. Parents must use their own FSA ID to log in to the loan application.
Once the Financial Aid Office receives the application from the Department of Education, we will update the financial aid award to reflect the approved/requested Parent PLUS Loan amount.
Parent borrowers must complete a PLUS Loan Master Promissory Note (MPN) before loan(s) will be processed and disbursed. Complete this step online at https://studentaid.gov/mpn/. All loans must be processed and disbursed prior to the end of each academic semester.
In the event that a Parent PLUS Loan is denied, the student is eligible for increased Unsubsidized Loan.
In the event that an endorser (co-signer) is required for loan approval, the parent will be required to complete mandatory PLUS Loan Credit Counseling.
Additional information on Federal Direct PLUS Loans can be found at the U.S. Department of Education website.
*Important Note for all PLUS Loan Borrowers - There is a question on the PLUS Loan application that asks whether you wish to defer loan payments while you/your student is enrolled in school. If you wish to defer loan payments, you MUST answer this question accordingly.
2022-2023 Federal Direct Parent PLUS Loan Interest Rate
The 2022-23 interest rate for Federal Direct Parent PLUS Loans disbursed between July 1, 2022, and June 30, 2023, is 7.54 percent fixed.
All Direct Plus Loans are subject federal origination fee which is subtracted from the loan at the time of disbursement. The origination fee for Federal Plus Loans from July 1, 2021 till June 30, 2022 is: 4.228%.