The Federal PLUS Loan (also known as the William D. Ford Direct PLUS Loan) may be available to parents of dependent students as part of the student’s financial aid award offer. The lender is the U.S. Department of Education rather than a bank or other financial institution.
|Date of First Disbursement||Interest Rate|
|Before July 1, 2017||6.31%|
|7/1/17 - 6/30/18||7%|
More information about Parent PLUS Loans is available from the Department of Education.
You may apply for a Parent PLUS Loan as early as:
Before applying for a Federal PLUS Loan, we recommend you consider these Options for Financing Your Education.
For step-by-step instructions, watch a video on applying for a Parent PLUS loan.
Important Note: Loans must be processed by our office by the last day the student is enrolled in at least 6 credit hours.
If credit is denied, the parent will have the ability to obtain an endorser by completing the request on studentloans.gov. The endorser will need the PLUS Endorser Code to connect the endorsement to the denied PLUS loan. This can be found in the denial notice email or by logging into studentloans.gov and selecting “Direct PLUS Loan Requests.” We highly recommend using an electronic endorser as it is the fastest way to complete this request. If you choose to complete your request with a paper endorser, you must notify our office when the endorser is approved, or your loan may be delayed.
If the parent does not have an endorser, the student can contact our office to request an additional unsubsidized Federal Direct Loan.
You can appeal to the Department of Education with proof the credit information used was incorrect or has been corrected or extenuating circumstances relating to the credit history. Sign in to studentloans.gov and click ‘Document Extenuating Circumstances’ in the left-hand navigation below ‘PLUS Loan Process’. After you complete your appeal you will be contacted by the Federal Loan Origination Center within three business days to discuss your appeal. If you do not receive a call, you may contact them at 1-800-557-7394.
If you qualify for a Direct PLUS Loan after obtaining an endorser or documenting extenuating circumstances, you will be required to complete loan counseling on studentloans.gov.
View FastChoice to explore some of your private parent loan options.