Federal PLUS Loans for Parents

Federal PLUS loans help supplement your other sources of financial aid, giving you the flexibility to cover 100% of your student’s college expenses. We have a low interest rate of 8.25% and an extra 0.25% interest rate credit when payments are set up for automatic debit from a bank account.

 

  • 8.25% fixed interest rate
  • 0.25% repayment interest rate credit when payments are set up for automatic debit from a bank account

  • 3% origination fee*
  • Zero guarantor fees
  • Zero prepayment fees

  • Payments typically begin within 60 days after final disbursement; you have the option to defer payments while your student is enrolled at least half-time
  • 10 to 25 year repayment period

  • Loans up to 100% of your student's Cost of Attendance minus other aid, based on school certification

Eligibility criteria are determined by the federal government and include:

  • You must be a U.S. citizen, a permanent resident or an eligible non-resident
  • Your student must be enrolled at a school that participates in the Federal Family Education Loan Program (FFELP)
  • You must be in good standing on your other education loans and grants
  • You must pass a credit check
  • Determine the amount you want to borrow
  • Have your Social Security number, driver’s license, two references, and FAFSA PIN ready**
  • Click the Apply Now button and follow the instructions to complete your application
  • We will check your credit

You can check your loan status online at any time.
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* There are zero guarantor fees and zero prepayment fees, but the government requires that we charge a 3% origination fee on Federal PLUS loans. For applications submitted prior to October 10, 2007, we credit this amount back to you six months after the final loan disbursement, provided that you have not repaid the loan in full by that time.

** Parents do not need a FAFSA PIN to apply for a Federal PLUS loan, but many schools ask for it to be provided with an application. If you do not have a FAFSA PIN, you can obtain one by completing the Free Application for Federal Student Aid.