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:

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

• Loan is only in the parent’s name.
• Approval is based on credit decision.
• Repayment begins 60 days after the loan is fully disbursed.
• Deferment of payment is possible, but you must contact Direct Loans at 1-800-848-0979.
• Standard repayment is 10 years (120 monthly payments).
• Current fixed interest rate is 7.9% for the current academic year.
• Current origination fee is 4%.
• Loan cannot be combined or consolidated with student loans.
•  Parent loans can be consolidated into one loan.
•  If the loan is approved, the parent must complete the Master Promissory Note at www.studentloans.gov.
•  If the loan is denied, the student is eligible to request an unsubsidized loan (amount based on your student’s current classification).