Overview

ParentPLUS loans are offered by the federal government to make it more accessible and affordable for eligible parents to seek a college-level education.  To receive a parentPLUS loan, a parent borrower must:

• Have a child who has filled out the Free Application for Federal Student Aid(FAFSA^®)
• Be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school
• Not have an adverse credit history
• Meet the general eligibility requirements for federal student aid

Grandparents (unless they have legally adopted the dependent learner) and legal guardians are not eligible to receive Parent PLUS loans, even if they have had primary responsibility for raising the learner.

For Direct PLUS Loans/ParentPLUS Loans disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan. The maximum PLUS loan amount individuals can borrow is the cost of attendance at the school their child will attend minus any other financial assistance their child receives. The cost of attendance is determined by the school.

Parents receive an automatic deferment while their child is enrolled at least half-time and for an additional six months after the child graduates, leaves school, or drops below half-time enrollment.

Resources