Parents of dependent undergraduate students may apply for the Federal Direct Parent PLUS Loan to help pay their child’s education expenses. Depending on creditworthiness, parents can borrow the difference between the Cost of Attendance (COA) and the total financial aid award listed on the Financial Aid Award Letter. The Interest Rate for Federal Direct Parent PLUS Loans made on or after July 1, 2019 and before July 1, 2020 is 7.08%. The Interest Rate for Federal Direct Parent PLUS Loans made on or after July 1, 2020 and before July 1, 2021 is 5.30%.
The Parent must:
- Be the student’s biological or adoptive parent;
- Be a U.S. citizen or eligible non-citizen;
- Not be in default on a federal loan or owe an overpayment on a federal education grant.
The Student must:
- Meet general eligibility requirements
- Enroll at least half-time each semester
- File the current year’s FAFSA (Free Application for Federal Student Aid)