Federal Direct Parent PLUS Loan

This is a non-need based loan available to the parents of dependent students.  This loan is a credit-based loan and is the responsibility of the parent.  The total amount a parent may borrower cannot exceed the total cost of attendance for their student.  The amount is determined by the total cost of attendance minus all financial aid resources. 

Payment on the Parent PLUS loan begins 30-60 days after the final disbursement.  The parent may request an in school deferment while the student is enrolled at least half time.  The interest on the Parent PLUS loan begins accruing at the time of disbursement.

Master Promissory Note

All parents who apply for a Federal Direct Parent PLUS Loan are required to complete a Federal Direct Loan Master Promissory Note (MPN).  The MPN can be completed online at http://dlenote.ed.gov.  You will use your U.S. Department of Education’s Personal Identification Number (PIN) to sign your MPN online.  This is the same PIN number you used to sign your student’s FAFSA.  If you do not have a PIN, you can request a new or duplicate PIN at www.pin.ed.gov.

The MPN is your contract with the U.S. Department of Education.  By signing the MPN, you promise to repay your loans.  The MPN is good for up to 10 years and you may receive additional loans using the same MPN.

Interest Rate

The interest rate for the Federal Direct Parent PLUS Loan is fixed at 7.9% for the life of the loan.

Loan Fees

The Federal Direct Loan Program charges a 4% loan fee on all Parent PLUS loans.  However, the Direct Loan program offers a 1.5% rebate on Parent PLUS Loans which reduces the upfront fee to 2.5%.  Upon entering repayment, the borrower must make their first 12 loan payments on time to keep this rebate.  The loan fee is deducted from each disbursement of the loan.

How to Apply

To apply for a Federal Direct Parent PLUS loan, please complete your Master Promissory Note and complete a Federal Direct Parent PLUS Loan Request Form. Please submit the request form to the Financial Aid Office for processing.

Complete your Master Promissory Note for your Parent PLUS Loan

Complete your Federal Direct Parent PLUS Loan Request Form