Eligibility for a PLUS Loan

A PLUS loan is made to the parent, not the student, so the parent is responsible for the repayment of this loan. A parent may borrow up to the cost of their child's education, less any other financial aid awarded. Repayment begins within 60 days of the final loan disbursement or effective July 1, 2008 and can be extended up to 25 years based on total outstanding balance. Parent PLUS borrowers have the option of a six-month grace period ( six months after the date the student for whom the loan is borrowed is no longer enrolled half-time) to align with grace of Stafford loans.

Check with the Financial Aid office at your school for their steps to initiate this process.

PLUS Loan Repayment

Choose from a variety of repayment options. Interest-only payments are available when the student is enrolled in school at least half-time. You may be able to postpone your loan repayment if you meet current guidelines for an in-school, unemployment, or financial hardship deferment. Your minimum monthly payment is $50. The maximum repayment term is 10-25 years, based on your total loan balance.

Repayment begins within 60 days of the final loan disbursement or effective July 1, 2008 and can be extended up to 25 years based on total outstanding balance. Parent PLUS borrowers have the option of a six-month grace period ( six months after the date the student for whom the loan is borrowed is no longer enrolled half-time) to align with grace of Stafford loans.

Please click here for repayment options.