Parent Plus Loan

Many families find PLUS loans an attractive alternative to using lifetime savings and investments to meet educational expenses. Below you will find information about the PLUS program.

Online PLUS Loan Request
(link will take you to the US Dept of Education's website)

Who is eligible?

Parents, or adoptive parents of dependent undergraduate students attending school at least half-time are eligible for PLUS loans. Borrowers must be U.S. Citizens or nationals, or eligible non-citizens. Eligibility is not dependent on your family's income or assets. Loan approval is subject to credit criteria established by the U.S. Department of Education. A credit report will be obtained from a national credit bureau once you submit your loan application. Using information provided by a national credit bureau, the government will perform a base screening for adverse credit which does not take your income, assets, or debts into consideration.

PLUS Loan Details

  • Fixed interest rate of 7.21% for all loans taken during the 2014-15 school year
  • 4.288% loan origination fee (taken out of the amount you request) for loans first disbursed by 9/30/14.  Afterwards, the fee will increase to 4.292%.
  • May request up to the full cost of education (less other financial aid)
  • Credit check required
  • Does not require collateral or cosigners
  • Can be prepaid in whole or in part without penalty
  • Loan debt is forgiven should you or your child die or you suffer permanent or total disability


PLUS Loan funds are released in at least two equal disbursements directly to the student account upon verification of enrollment. The anticipated disbursement dates for the 2014-15 school year are 9/2/14 and 01/20/15.


Interest begins accruing from the date funds are disbursed and repayment begins within sixty days of the final disbursement of the loan. You will have up to ten years to repay the loan. You may request to have payments deferred while your student is enrolled at least half-time. Interest will continue to accrue, however.

If you have any questions about your loan or how to handle the application, please contact the Financial Aid office at 509-527-5178 or