Federal Parent PLUS Loans
The Federal Parent PLUS Loan is an educational loan for parents of dependent undergraduate students enrolled and verified in attendance at least half time. Financial need is not a requirement; however, a credit check is required. All loan eligibility is based on the Cost of Attendance minus other aid received.
Federal Parent PLUS Loan interest rates are variable. For the year beginning July 1, 2006, the interest rate for Federal Parent PLUS Loans was fixed at 7.9%. The first payment is due 60 days after the loan is disbursed or, during the application process, the parent may elect to have the payments deferred until after the student has graduated or dropped below a half-time status.
Federal Parent PLUS Loan funds are credited to the student's account once the funds are delivered electronically to the school.
ALL students requesting loans must complete the student financial aid application process (FAFSA), even if the only aid being requested is the Federal Parent PLUS Loan.
If the parent is denied the Federal Parent PLUS Loan and elects not to use an endorser, the student may be eligible for additional unsubsidized Federal Stafford Loan funds, but cannot exceed the Cost of Attendance and their eligibility.