Parent PLUS Loan eligibility is determined by subtracting the financial aid that has been awarded from the student's estimated cost of attendance.
After a parent has been awarded a PLUS Loan, the following documents are required to receive the PLUS (Parent) Loan funds:
- Direct PLUS Loan Request - The Office of Student Financial Aid (OSFA) requires the parent borrower to request the Federal Direct PLUS Loan each semester/session (fall, winter, spring, summer) by completing an electronic Direct PLUS Loan Request on the https://studentloans.gov/ website. Until this request is processed, the OSFA will not proceed with the parent loan even if there is a valid MPN on file. Separate requests must be completed for fall and spring semesters.
- Federal Direct PLUS (Parent) Master Promissory Note - Parents who are first-time borrowers of the Federal Direct PLUS Loan must complete an electronic Master Promissory Note (MPN) to receive the funds. In most cases, the parent will be required to complete the MPN only once during their students' years in college. If the parent borrower is ineligible because of an adverse credit history, the parent may obtain an endorser for the loan. If an endorser is required, the Office of Student Financial Aid (OSFA) must have a new MPN completed for each loan.
- Students can check their loan document status on MyUI. If MyUI indicates that the Direct PLUS Loan Request has not yet been completed, MyUI will automatically indicate that a Parent PLUS Master Promissory Note (MPN) has not been completed. If your parent has previously completed a PLUS MPN, when the Office of Student Financial Aid processes the Direct PLUS Loan Request, the PLUS MPN status will automatically change to indicate it has been completed. Check MyUI approximately one week after submitting the Direct PLUS Loan Request to verify that the MPN has been completed.
Lender: Federal Government
- Fixed at 7.595% for loans disbursed July 1, 2018 - June 30, 2019
- Fixed at 7.00% for loans disbursed July 1, 2017 - June 30, 2018
- Fixed at 6.31% for loans disbursed July 1, 2016 - June 30, 2017
- Fixed at 6.84% for loans disbursed July 1, 2015 - June 30, 2016
- Fixed at 7.21% for loans disbursed July 1 , 2014 - June 30, 2015
Interest Rate Cap: 10.50% for loans disbursed on or after July 1, 2013
Interest Free in School: No
Credit Check: Yes
- 4.248% for loans disbursed October 1, 2018 - September 30, 2019
- 4.264% for loans disbursed October 1, 2017 - September 30, 2018
- 4.276% for loans disbursed October 1, 2016 - September 30, 2017
- 4.272% for loans disbursed October 1, 2015 - September 30, 2016
- 4.292% for loans disbursed October 1, 2014 - September 30, 2015
Annual Maximums: Student cost of attendance minus other financial aid awarded
Cumulative Maximums: None
Grace Period: None (Repayment begins 60 days after the PLUS Loan is fully disbursed. For loans disbursed after July 1, 2008, parents can request that payment be deferred--see Loan Deferment information below.)
Loan Deferment: May be requested for loans disbursed after July 1, 2008 by calling the borrower's PLUS Loan Servicer. Request must be made after the loan funds have disbursed. The borrower will be notified of their loan servicer at the time of disbursement; the Office of Student Financial Aid will not be notified of this information. If the borrower is unsure of their servicer, the borrower can log onto the Federal Student Aid website using their FSA ID to view this information.
Standard Repayment: Up to 10 years (additional repayment options beyond 10 years are available)
Minimum Payment: $50 per month