Federal (Parent) PLUS Loans are loans that parents can obtain to help pay the cost of education for their dependent undergraduate children. Parents (i.e. biological, adoptive and/or step-parent) of dependent students can borrow from the PLUS Loan program. The Parent Plus loan is subject to credit approval. Although not a requirement if the student will not be receiving any other federal student aid, parents are encouraged to have their dependent children submit a FAFSA so their children can receive the maximum student financial aid they’re eligible for.
Terms and conditions:
- Repayment period begins on the date of the last disbursement of the loan (however, you may contact the lender for possible deferment options)
- Borrower and student must be a United States citizen or an eligible non-citizen*
- Borrower must not be in default on a federal student loan
- Borrower must not owe a refund on a federal education grant
- Student must be enrolled at least half-time (6 credit hours)
- Student must be making Satisfactory Academic Progress standards (see student handbook for SAP policy requirements)
*IT IS IMPERATIVE THAT ONCE A PARENT PLUS LOAN IS APPROVED, DSU IS REQUESTING THAT BOTH PARENT AND STUDENT PROVIDE PROOF OF CITIZENSHIP TO THE OFFICE OF FINANCIAL AID, BEFORE A PLUS LOAN IS PROCESSED.
Should the borrower be denied the Parent (Plus) loan for credit reasons, the student may be eligible to receive a Federal Unsubsidized Stafford Loan up to their maximum eligibility. Upon receipt of either the hardcopy or electronic denial letter, the Financial Aid Office will award the student the unsubsidized loan.
Graduate students may obtain PLUS Loans to help pay for their own education as well. Graduate students applying for a Graduate PLUS Loan are required to submit a FAFSA. Just like the Parent (Plus) loan, this loan is subject to credit approval as well.
Terms and conditions:
- Student must receive their maximum eligibility in Stafford Loans first
- Student must be enrolled at least half-time (6 credit hours)
- Student must be making Satisfactory Academic Progress standards (see student handbook for SAP policy requirements)
- Student must be a United States citizen or an eligible non-citizen*
* IT IS IMPERATIVE THAT ONCE A GRADUATE PLUS LOAN IS APPROVED, DSU IS REQUESTING THAT STUDENT PROVIDE PROOF OF CITIZENSHIP TO THE OFFICE OF FINANCIAL AID, BEFORE A PLUS LOAN IS PROCESSED.
Currently, there is a fixed interest rate of 8.5 percent for loans first disbursed on or after July 1, 2006.
Parent and Graduate PLUS loan applications can be completed through either of the following websites:
AES
USA Funds
