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Direct Parent PLUS Loan

The Direct Parent PLUS Loan is available to parents of dependent students and is not based on financial need. However, parents must have a sufficient credit rating to qualify. Parents may obtain a PLUS Loan to make up any difference between the student's cost of attendance and other financial aid.

Direct Loan Basics for Parents


The Direct Parent PLUS Loan can be borrowed by a parent of a dependent student. The student must have a completed FAFSA on file for the current academic year. The parent must sign a Master Promissory Note (MPN) and have a sufficient credit rating to qualify.


The U.S. Department of Education charges a 4.204% origination fee on all Direct Parent PLUS Loans.

Interest Rates

The Direct Parent PLUS Loan interest rate is 6.41% for 2013-2014 and will increase to 7.21% for 2014-2015.

Other Important Details

A Direct Parent PLUS Loan Request Form is required for each PLUS loan accepted. You may accept all or part of any loan offered, but you must indicate on this form the amount you wish to borrow.

There is no grace period for PLUS loans. PLUS repayment begins as soon as the loan is fully disbursed.

Effective July 1, 2008, in-school deferments may be available to the parent if the student is in school at least half-time. Interest accrual is capitalized each quarter resulting in substantial increases to the loan balance. Be sure you fully understand the consequences of this provision.

PLUS loans will always be in the parent's name. PLUS loans cannot be transferred or consolidated with the student's loans.

If the PLUS loan is denied due to credit reasons, the student may be eligible for additional Direct Unsubsidized Loan.

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