If your son or daughter needs additional assistance above and beyond his or her financial aid awards, one option is a parent loan. As a parent, you can borrow the difference between the cost of attendance and the amount of aid your student has been awarded or will receive. The maximum amount that you can borrow is determined as follows:
|Parent (PLUS) Loan Calculation Example|
|Cost of Attendance|| |
|Aid student will receive|| |
|Parent loan eligibility|| |
As part of your student’s financial aid awards, we offer you a parent Direct Loan (also known by its longer name—William D. Ford Federal Direct Loan). Your lender is the federal government. Of course, if based on your budget you do not need all of the loan, do not borrow the full amount. Just let our office know the lower loan amount you wish to borrow, and we will adjust your loan award. For more parent loan information (interest rates, repayment and more), visit the Department of Education.
Parent (PLUS) Loan Facts