Federal Parent PLUS Loans

The Federal Parent PLUS Loan is for parents of dependent students and is based on credit worthiness. Under this loan program, parents may borrow up to the cost of education at a particular institution minus any financial aid a student receives. Repayment of a PLUS Loan begins within 60 days of final disbursement and can take up to 25 years based on the total outstanding balance.

Eligibility for a Parent PLUS Loan

Parent PLUS Loans are available to parents of dependent, undergraduate students. An eligible parent borrower is a dependent student’s natural or adoptive mother or father. The spouse of a parent who has remarried is an eligible borrower if his/her income and assets were taken into consideration when completing the Free Application Federal Student Aid (FAFSA).

You must be a U.S. Citizen, U.S. national or eligible non-citizen to qualify. Credit guidelines will apply in determining your eligibility. You are eligible for a PLUS Loan for each child who is enrolled at least half time in school and meets the school’s standards for satisfactory academic progress. Eligibility for PLUS Loans is not based on need or income.

PLUS Loan Repayment

A Parent PLUS Loan is made directly to the parent, not the student, so responsibility for repayment rests with the parent. You may borrow up to the cost of the student’s education less any other financial aid awarded. Repayment begins within 60 days of the final loan disbursement, unless you choose to postpone repayment while the student is in school at least half-time.

Choose from a variety of repayment options. Interest-only payments are available when the student is enrolled in school at least half-time. You can postpone your loan repayment if you meet current guidelines for an in-school, unemployment or financial hardship deferment. Your minimum monthly payment is $50. The maximum repayment term is 10-25 years, based on your total loan balance.

Deferment Options for Parent PLUS Loans

Federal legislative action made important changes to PLUS Loans, effective for loans first disbursed on or after July 1, 2008. Parent borrowers may request deferment during any period when they themselves are enrolled at least half time or when the student on whose behalf the loan was borrowed is enrolled at least half time and during the six-month period that begins the day after the date the student ceases at least half-time enrollment. PLUS Loans made to graduate and professional student borrowers may be deferred during the six-month period that begins the day after the end date of a deferment during which the borrower was enrolled at least half time. Interest will continue to accrue on the loan during these periods. Parent borrowers are responsible for requesting each of these deferment options.

To request this deferment, please contact us.

Federal Subsidized and Unsubsidized Loans

Federal GradPLUS Loans

Supplemental or Private Student Loans