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Federal Direct Parent PLUS Loans

The Federal Direct Parent PLUS Loan is a non-need based loan available to the parents of dependent students. This loan is a credit-based loan and is the responsibility of the parent. The total amount a parent may borrow cannot exceed the total cost of attendance for their student. The amount is determined by the total cost of attendance minus all financial aid resources.

Payment on the Parent PLUS loan begins 30-60 days after the final disbursement. The parent may request an in school deferment while the student is enrolled at least half time. The interest on the Parent PLUS loan begins accruing at the time of disbursement.

Master Promissory Note

All parents who apply for a Federal Direct Parent PLUS Loan are required to complete a Federal Direct Loan Master Promissory Note (MPN). The MPN can be completed online. You will use your U.S. Department of Education's Personal Identification Number (PIN) to sign your MPN online. This is the same PIN number you used to sign your student's FAFSA. If you do not have a PIN, you can request a new or duplicate PIN online.

The MPN is your contract with the U.S. Department of Education. By signing the MPN, you promise to repay your loans. The MPN is good for up to 10 years and you may receive additional loans using the same MPN.

Interest Rate

The interest rate for the Federal Direct Parent PLUS Loan is fixed at 6.41% for the life of the loan.

Loan Fees

The Federal Direct Loan Program charges a 4.288% loan fee on all Parent PLUS loans. The loan fee is deducted from each disbursement of the loan. This means that 95.712% of the loan will be applied to the student account.

How to Apply

The parent may request a Parent PLUS Loan and complete the Parent PLUS Loan MPN at the link provided below.

Complete the Parent PLUS Loan Application and Master Promissory Note

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