Federal PLUS Loans for Parents

Federal PLUS Loans help supplement your other sources of financial aid, giving you the flexibility to cover 100% of your student’s college expenses. Federal PLUS Loans have an interest rate of an interest rate of 8.5% and a 0.25% repayment interest rate reduction when payments are set up for automatic debit from a bank account.

 

  • 8.5% fixed interest rate
  • 0.25% repayment interest rate reduction when payments are set up for automatic debit from a bank account

  • 3% origination fee
  • 1% default fee (waived if paid by guarantor)
  • Zero prepayment fees

  • Payments typically begin within 60 days after final disbursement; you have the option to defer payments while your student is enrolled at least half-time
  • 10 to 25 year repayment period

  • Loans up to 100% of your student's Cost of Attendance minus other aid, based on school certification

Eligibility criteria are determined by the federal government and include:

  • You must be a U.S. citizen, a permanent resident or an eligible non-resident
  • You must be the parent of a dependent student
  • Your student must be enrolled at a school that participates in the Federal Family Education Loan Program (FFELP)
  • You must be in good standing on your other education loans and grants
  • You must pass a credit check
  • Determine the amount you want to borrow
  • Have your Social Security number, driver’s license, two references, and FSA PIN ready *
  • Click the Apply Now button and follow the instructions to complete your application
  • We will check your credit

You can check your loan status online at any time.
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* Parents do not need a FSA PIN to apply for a Federal PLUS Loan, but many schools ask for it to be provided with an application if you do not have your FSA PIN, you can obtain one at the Federal Student Aid website, pin.ed.gov.