A Parent Loan for Undergraduate Students (PLUS) is a federal direct loan that parents apply for on behalf of their dependent undergraduate student. It enables parents that are in good standing with federal student aid and with good credit history to assist their children who are enrolled at least half-time (6 credits per semester) at a post-secondary school.
PLUS Loan eligibility is not based on financial need, but approval is dependent on the parent's credit history and standing with federal student aid. The loans are made regardless of income level and are offered through the Direct Loan program.
PLUS Loans through the Direct Loan program have a fixed interest rate. This rate is set by the U.S. Government. The parent may borrow up to the student's annual cost of attendance minus any financial assistance the student has been or will be awarded during the period of enrollment.
Repayment of Parent PLUS Loans begins on the date the loan is fully disbursed. The first payment is due within 60 days of that date.
If the parent is denied or ineligible for Federal Student Aid Programs, it is possible for the student to apply for additional Federal Direct Unsubsidized Loan instead.
The following Direct Unsubsidized Loan limits may be added to the student borrower's combined Direct Subsidized and Unsubsidized loan limits:
After a parent is denied, if the student wishes to pursue the additional Unsubsidized Direct Loan, the student can make the request by contacting the CEI Financial Aid Office.
John E. Christofferson
Phone: (208) 524-3000
Fax: (208) 525-7026