Get a PLUS Loan
The Federal PLUS Loan Program provides loans to parents or stepparents of eligible dependent undergraduate students or to graduate/professional students who need additional financial to pay college expenses. Eligibility is not based on income. This program supplements Stafford Loans.
Parent Eligibility Criteria
To be eligible for a PLUS Loan, you must:
- Be the natural parent, adoptive parent, or stepparent (if income and assets were used in need analysis determination) of a "dependent student," as determined by the school.
- Be a citizen, permanent resident, or eligible noncitizen of the United States and verify your Social Security number and immigration status.
- Not be in default or owe a refund on any educational grant or loan.
- Not have an adverse credit history, as defined by federal regulations.
Undergraduate Student Eligibility Criteria
To be an eligible student with the parent as the borrower, you must:
- Be determined by the school to be a "dependent" student.
- Be a citizen, permanent resident or eligible noncitizen of the United States.
- Be enrolled or accepted for enrollment at least half–time in an eligible degree or certificate program at an eligible institution.
- Be in good standing and making satisfactory academic progress if currently enrolled.
- Not be attending elementary or secondary school.
- Not be in default or owe a refund on any educational grant or loan unless satisfactory arrangements have been made toward repayment of the debt.
Graduate/Professional Student Eligibility Criteria
To be eligible for a PLUS Loan, you must:
- Be a citizen, permanent resident, or eligible noncitizen of the United States and verify your Social Security number and immigration status.
- Not be in default or owe a refund on any educational grant or loan.
- Not have an adverse credit history, as defined by federal regulations.
Interest Rate
PLUS Loans have a fixed interest rate, capped at 9%, regardless of any PLUS Loans you may have outstanding at a different interest rate. Therefore, you may have separate loans at different rates. The fixed rate is 7.9%.
Fees Paid by the Borrower
You will be charged a fee of up to 4 percent of the loan amount. The fee is deducted from the loan proceeds
Loan Limits
A parent may receive an amount not to exceed the student's estimated cost of attendance minus any financial aid the student has been or will be awarded during the period of enrollment. There are no aggregate loan limits.
Loan Proceeds
The school will first apply PLUS Loan funds to the student's school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, they will be sent to the parent borrower, unless the parent authorizes the school to hold the funds or release them to the student. Any remaining loan funds must be used for education expenses.
Repayment
Repayment of a PLUS Loan begins on the date of the last disbursement. There is no grace period. However, graduate and professional student PLUS borrowers may defer repayment while they are enrolled in school at least half-time and, for PLUS Loans first disbursed after June 30, 2008, for an additional six months after you cease to be enrolled at least half-time. Parent PLUS Loan borrower may request a deferment of repayment on PLUS Loans first disbursed after June 30, 2008, while the student on whose behalf the loan was obtained is enrolled at least half-time and for an additional six months after the student ceases to be enrolled at least half-time. Interest that accrues on a PLUS Loan during a period of deferment may be paid by the borrower or capitalized when the deferment period ends.
Use the Loan Payment Calculator to get an idea of what your monthly loan payment will be when you enter repayment.
