Parent Loans for Undergraduate Students (PLUS)
PLUS loans are low-interest federally insured loans made to parents of undergraduate students to help pay a student's college expenses.
PLUS loans can be used to cover any educational expenses not covered by other forms of financial aid.
Eligibility
- Parents do not have to demonstrate financial need to borrow PLUS loans.
- Parent: You must be the natural or adoptive parent or legal guardian of a dependent student;
- Citizenship: You must be a U.S. citizen or an eligible non-citizen;
- Non-Default: You must not be in default of an educational loan or owe a refund on an educational grant;
- Credit: You must not have an adverse credit history;
- Law: You must meet all of the other Federal PLUS Loan program eligibility requirements prescribed by law at the time your loan application is processed.
Value
The maximum annual loan limit is the cost of attendance minus any other financial aid the student is qualified to receive.
This amount is determined by the Financial Aid Office at the school the student will be attending.
You will pay a fee up to 4.0% deducted proportionately each time a loan disbursement is made.
The fee goes to the government to help reduce the cost of the loans.
Loan Disbursement
The proceeds from your PLUS Loan will be sent to the student's school.
You must contact the Financial Aid Office to make arrangements to receive your loan proceeds.
Application Procedure
Once you decide which school you wish to attend and accept its offer of financial assistance, the school can certify you as eligible for a PLUS Loan.
Please check the financial aid website at your school for further information.
You can find the contact information for your college in the Explore Schools section.
Repaying Your Loan
Download loan repayment forms.