Federal PLUS (Parent Loan for Undergraduate Students)

PLUS Approvals result in a loan with debt incurred by the parent on behalf of the dependent student.  If Federal aid has been determined by the awarding school's financial aid office and the cost of the education still has not been met, the parent of a dependent undergraduate student may apply for a PLUS Loan.  The amount available for school certification would be based upon the Student Cost of Attendance less any other aid received.

PLUS Denials result in the ability of the school to offer additional unsubsidized Stafford loan to the dependent

student, with the debt incurred by the student.  

PLUS Loans can be up to the cost of education minus the financial aid awarded and no more.  Rates on a PLUS Loan are 3.1% plus the 91-day Treasure Bill, but cannot exceed 9%.  Repayment begins 60 days after disbursement.

Note: Independent students, and dependent students whose parents are denied Federal PLUS Loans, may use the Federal Unsubsidized Stafford Loan for the following amounts:

• Up to $4,000 per year for your student's freshman and sophomore years
• Up to $5,000 per year for your student's remaining undergraduate years
• Up to $10,000 for each year of graduate school

Remember: The total of your loans and your student's loans can never exceed the cost of attendance less any financial aid your child receives.