Student Financial Services
Undergraduate Parent Loans
The PLUS loan is a federally funded loan that enables parents of dependent undergraduate students to borrow up to the full cost of attendance less any other financial aid received. The interest rate on a PLUS loan is 8.50%. Repayment begins within 60 days after loan fully disburses. Disbursements are made in equal installments; one half during each semester of a student’s enrollment. Some lenders may offer the option of deferring principal payment for up to 4 years while the student is enrolled on at least a half-time basis. Loans will not be certified for a partial period of enrollment (i.e. single semester) unless it is the student’s final period of enrollment.
To apply for the PLUS loan, we recommend applying from ELM Select.
Is there a charge for a PLUS loan?
Your parents will pay a fee of 3 percent. This fee is applied proportionately each time a loan payment is made. This fee goes to the federal government to help reduce the cost of the loans.
PLUS Denial
Dependent students whose parents have received a denial when they submitted a PLUS loan application may be eligible for an increase in their Unsubsidized Stafford loan. Contact our office if you are a student whose parent was denied a PLUS loan to see if you qualify for an increase in your Unsubsidized Stafford loan.
For more information on the PLUS loan, visit our FAQ page.
