A Parent PLUS Loan is an education loan specifically for parents (biological or adoptive) of dependent undergraduate students. Parents can borrow up to the cost of attendance minus any other financial aid the student is receiving. For example, if the cost of attendance is $25,000 for the year and the student has a scholarship of $5,000 toward the school cost, the parent can borrow up to $20,000.
Applying for a Parent PLUS Loan
Parents must complete this application; it cannot be completed by a student. Be sure that all information is entered correctly, as incorrect information could delay the processing of the application.
Interest rates are set by the Department of Education each year on or near July and will be updated accordingly at that time on our website.
Repayment of principal and interest begins 60 days after the loan is fully disbursed or parents now have the option to defer payments while their student is in school. Parents can also opt to let the interest accrue until the student leaves school; However, any interest that accrues from the date of disbursement is added to the outstanding loan balance through a process called capitalization.
Apply for a Parent PLUS Loan