The Parent Loan for Undergraduate Students (PLUS) is a federal loan that parents of dependent undergraduate students or graduate students can borrow to help cover college/university expenses.
- available to parents or graduate/professional degree students
- 6.284% fixed interest rate (after July 1, 2021)
- 7.54% fixed interest rate (after July 1, 2022)
- loan fee of 4.228% (on or after October 1, 2020)
- can be deferred while in school at least half time
- modest credit check required
- must file the FAFSA to apply
- Department of Education may require some parents to complete loan counseling
Apply at studentaid.gov by completing the PLUS request process. For more information about the PLUS go to studentaid.ed.gov/types/loans/plus.
If the parent(s) is denied the PLUS, the student is eligible for an additional $4,000 (freshman and sophomores) or $5,000 (juniors and seniors) unsubsidized Federal Direct Stafford Loan.