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The Federal Parent Loan for Undergraduate Students (Federal PLUS) program is for biological or adoptive parents of dependent students. This is a credit-based loan that a parent can apply for and borrow on behalf of the student to help with tuition and fees, books and supplies, living expenses and other education-related costs.
For PLUS loans first disbursed on or after July 1, 2023 and before July 1, 2024, the interest rate will be 8.05%. While this is a fixed interest rate for the life of the loan, the interest rate for subsequent PLUS loans borrowed beyond these dates is subject to change July 1 of each year.
There will be a 4.228% origination fee that will be taken out of the total amount of the loan by the U.S. Department of Education for loans first disbursed on or after Oct. 1, 2023 and before Oct. 1, 2024. On the PLUS loan application, parents have the option to select repayment terms that include: immediately beginning repayment while the student is still attending school; deferring payments while the student is attending school at least half time; or deferring payments during school and up to 6 months after the student is no longer attending school at least half time. We encourage parents to only apply for the least amount needed to cover expenses since the PLUS loan must be repaid.
Loan funds are paid in two equal disbursements throughout the semester and any excess that is not used after paying the student’s account balance will be given to the parent in the form of a refund check via US mail.
Maximum award amount: Student’s costs less other financial aid, subject to credit approval
Enrollment required: A minimum of 6 credit hours in classes required for declared major
