Federal Direct Parent PLUS Loan
The Federal Direct Parent PLUS Loan is offered to qualified parents of dependent undergraduate students with financial aid eligibility. Additional information about the Parent PLUS can be found here.
Parents request the Parent PLUS by going to www.studentloans.gov. Parent signs in using name, SSN, DOB, and the 4-digit PIN used to sign the FAFSA each year. After successfully signing in, click on: REQUEST PLUS LOAN and then select loan type PARENT PLUS.
To apply for the Parent PLUS for the 2012-13 year, wait until 7/1/12 as the credit check is only valid for only 90 days.
| Three term maximum | Limited to financial aid eligibility |
| Interest rate | Fixed at 7.9% |
| Net fee per disbursement | 2.5% (4% starting 7/1/12) |
| Repayment begins | 60 days after loan is fully disbursed (unless deferred) |
| Online Request | Required |
| Master Promissory Note | Required |
How the Federal Direct Parent PLUS Loan compares to other funding options:
| vs. Cashing Investments | vs. Home Equity Loans | vs. Using 401K Funds |