PLUS Loan

A Parent Loan for Undergraduate Students (PLUS) is a federally guaranteed loan and is available for parents of dependent undergraduate students. The parent may borrow up to the student's annual cost of attendance minus any financial assistance the student has been or will be awarded during the period of enrollment.

The student is required to submit a Free Application for Federal Student Aid (FAFSA) for the parent to obtain this loan. The lender will require a credit check. The interest rate is a fixed 8.5%(for loans first disbursed after July 1, 2006) and repayment begins within 60 days after the Loan is fully disbursed. Interest begins to accumulate at the time the first disbursement is made.