Parent PLUS Loans

The Federal Direct Parent Loan for Undergraduate Students (PLUS) program is available to parents of dependent, undergraduate students. The PLUS loan borrower is the parent. Effective with the 2026-2027 academic year, the Parent PLUS annual loan limit is $20,000 per student.  However, borrowing is still limited by the student’s Cost of Attendance, which may be less than $20,000.

The interest rate on PLUS Loans, first disbursed on or after July 1, 2026 and before July 1, 2027, is fixed at 9.07% for the life of the loan. In addition to interest, loan fees of 4.228% are charged and deducted from the loan disbursement.

The repayment for a Federal PLUS loan usually begins 60 days after the loan is fully disbursed.  In-school deferments and 6-month post enrollment deferments are available for PLUS Loans. 

How do I apply for a PLUS loan?

  • Your student must have a Free Application for Federal Student Aid (FAFSA) on file with the school, and their awards determined.
  • To apply online, you will need your own FSA ID, which you may have already created to complete your student’s FAFSA electronically. Use your FSA ID to log in at StudentAid.gov . From there, click on Grants and Loans in the menu bar, then PLUS Loans from the drop-down menu.
    • When you apply online, you can choose the deferment options within the application.
    • If you are approved for the PLUS Loan, you will need to complete a Master Promissory Note (MPN) for Parents.  This is also located at www.studentaid.gov.  Hover over the Loans and Grants menu item click on Master Promissory Note (MPN) for Parents.
    • Scroll down the page and choose "I’m a Parent of an Undergraduate Student"
    • You will also need to complete the PLUS Loan Authorization Form.
  • To apply without a FSA ID, complete the PLUS Loan Authorization & Credit Check Form.
    • If you are approved you will need to create a FSA ID in order to complete the Master Promissory Note at www.studentaid.gov. 
    • If you would like to defer payments while your student is in school or for 6-months post enrollment, you will need to contact the loan servicer that is assigned your PLUS Loan.

What if I'm not approved for a PLUS Loan?