The Federal PLUS loan is a credit-based loan available to parents of undergraduate students. Parents who are approved may borrow up to the full cost of their student's education, minus other financial aid.

Repayment on Parent PLUS loans begins within 60 days after the final disbursement of the loan.

Federal Parent PLUS Interest Rate

The Parent PLUS loan interest rate is a fixed 7.9%.

Federal Parent PLUS Fees

Beginning March 1, 2013, the Federal Parent PLUS Loan origination fee is 4.204%

How to Apply for a Parent PLUS Loan

• Complete the Free Application for Federal Student Aid (FAFSA).
• Complete the PLUS Loan Application and Master Promissory Note at Studentloans.gov*.
• Student must enroll in at least 6 undergraduate credit hours
• Have a completed financial aid file.
• Student must maintain satisfactory academic progress.

*The 2013-2014 PLUS Application will be available on studenloans.gov on July 1, 2013

Deferment, forbearance and cancellation

Parent PLUS loans that were disbursed after July 1st, 2008 may be defered while the student is enrolled at least half-time.

PLUS loans that were disbursed before July 1st, 2008 may be defered if the parent borrower is:

• in school,
• under specific economic hardships,
• unemployed, or
• on active duty in the military

PLUS loan borrowers who don't meet any of the above criteria, but who still are having difficulty making their loan payments, may appeal to the Federal Direct Loan Servicer for forbearance to temporarily reduce or delay their loan payments. In either case, interest will continue to accrue during the period of deferment or forbearance.