Plus Loan

Parent Loans for Undergraduate Students or PLUS loans are loans that your parents may borrow on your behalf if you are a dependent student. Your parents borrow PLUS loans through a lending institution. PLUS loans are part of the federal government programs. PLUS loans are more expensive than federal government Direct Loans or FFEL loans and should only be used when all other options have been exhausted or when your parents need additional funds to cover your school costs. 

 

You will need to complete a FAFSA application before our office can certify your PLUS Loan application. Your parents may borrow up to the Cost of Attendance (COA) minus any financial aid you are scheduled to receive.

Your parents must pass a credit check. If they don't pass, they might still be able to receive a loan if they can demonstrate that extenuating circumstances exist, or if someone they know who can pass the credit check agrees to endorse the loan and promises to repay it if your parents fail to do so.

You must meet the general eligibility requirements for federal student financial aid and your parents must also meet some of these general requirements. For example:

• Your parents must be citizens or eligible non-citizens.
• You or your parents cannot be in default on a federal student loan.
• You or your parents cannot owe a refund on any federal student aid program.

Be sure to research all possibilities for scholarships, grants, Work Study, and federal loan programs before borrowing from a PLUS loan program. 

Your parents are always free to choose the lender of their choice. Choose the PLUS loan that best suits your parents needs and remember to borrow only what you need!

Text Only Version