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Financial Aid Options

Federal Direct PLUS Loan for Parents

The Federal Direct PLUS Loan for Parents is a credit-based loan that parents may borrow on behalf of their dependent undergraduate students. Students must be enrolled at least half-time in a degree program to utilize this loan option.

Apply For a Federal Parent PLUS loan. To apply, parent will Log In using their own FSA ID. If the parent applying does not yet have one, they can create an FSA ID online.

Interest Rate and Fees

The interest rate for the 2015-2016 PLUS loan is fixed at 6.84 percent. Federal Parent PLUS loans are subject to a 4.292 percent loan origination fee at disbursement.

Repayment

Repayment on the PLUS loan begins within 60 days of the final disbursement, unless the option to postpone repayment until six months following the students graduation is selected.

Maximum Loan Amount

The maximum amount a parent can borrow in a PLUS loan is the total cost of attendance (comprised of tuition and fees, room and board or living costs, books and personal expense allowance) minus all other financial aid.

Application Tips