Parents who do not have adverse credit history may borrow for their dependent student. Applications are approved by the Federal Direct Loan Origination Center based on a credit check.
Additional eligibility requirements:
Begins after the loan is fully disbursed. Deferment options are available. Please contact the Financial Aid Office for further information.
Interest Rate & Fees*: visit the Federal Student Aid website for current interest rates and fees.
*Subject to change due to federal legislation.
The borrower is responsible for the interest that accrues beginning the day the first disbursement occurs. Borrowers can choose to pay interest or have it deferred until repayment begins. If deferred, the outstanding accrued interest will be capitalized or added to the principle of the loan. If you wish to make interest-only payments, contact your loan servicer.
Repayment: Begins after the loan is fully disbursed. Several repayment options are available through the loan servicer assigned to the loan.
NOTE: Deferment options (postponing repayment) are available while the student is enrolled at least half-time and during the six-month grace period.
Each year the parent wishes to borrow the PLUS loan for his/her dependent student, a credit check is required to determine if the parent is credit worthy by the U.S. Department of Education.
*If you need assistance with your FSA ID, please watch this tutorial.
Parents can borrow up to the full annual cost of attendance minus any financial aid the student receives. There is no overall aggregate limit for PLUS loans. Limits are based on the number of hours the student has successfully completed:
|Freshman (0 - 29 credits)||$3,500||$2,000||$5,500|
|Sophomore (30 - 59 credits)||$4,500||$2,000||$6,500|
|Junior-Senior (60+ credits)||$5,500||$2,000||$7,500|
Dependent Undergraduate Students: $31,000 (subsidized and unsubsidized combined of which $23,000 can be subsidized)
NOTE: Undergraduate Dependent Students whose parents are denied a Parent PLUS loan are able to borrow the same amount of loans as an Independent undergraduate student.
|Independent Students||Base Amount||Additional Unsub||Total|
|Freshman (0 - 29 credits)||$3,500||$6,000||$9,500|
|Sophomore (30 - 59 credits)||$4,500||$6,000||$10,500|
|Junior-Senior (60+ credits)||$5,500||$7,000||$12,500|
Independent Undergraduate Students: $57,500 (subsidized and unsubsidized combined of which $23,000 can be subsidized)
Graduate/Professional Students: $138,500 (subsidized and unsubsidized combined of which $65,500 can be subsidized). Graduate students are only eligible to receive Unsubsidized loans.
Accelerated Certification (Fast Track) students can borrow as a 5th year independent undergraduate student. Maximum eligibility is $12,500.
NOTE: Undergraduate loans for both dependent and independent students are subject to proration if graduating mid-year.