Federal Direct PLUS Loan for Parents
PLUS loans for Parents are federal loans that parents of dependent undergraduate students can use to help pay educational expenses. The U.S. Department of Education is the lender of these funds. To qualify, the borrower must not have an adverse credit history. The maximum loan amount is the student's cost of attendance (determined by the school) minus any other financial aid received.
Please note: Students must be enrolled at least 6 credits for the semester to be eligible to receive this loan.
When applying for this loan, families are urged to apply for the amount needed for the year. Generally repayment begins once the initial disbursement of funds has occurred, however parents can elect to defer payment in their loan application.
If a parent's application is denied, the school is contacted. In these situations we can typically create an additional loan for the student. The amount of the loan cannot exceed $4000 for freshmen and sophomores and $5000 for juniors and seniors.
For more details regarding this program, please see the Federal Direct Plus Loan for Parents Document.