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Parent Loans

The Federal Direct Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to pay the education expenses of their dependent student. To be eligible, students must have a valid FAFSA, be enrolled in at least six credits each semester, maintaining Satisfactory Academic Progress, and not be in default on any educational loans.

How to Apply for PLUS Loan

  • Parent must complete the Parent PLUS loan application located at studentaid.gov. Parent will log in with parent's FAFSA username and password.

  • Parent must complete a Master Promissory Note (MPN) or Loan Agreement at studentaid.gov.
  • Parent and student complete the PLUS Loan & Student Affirmation and submit the request form to TC Central. 

Borrowing Limits

  • Parent may borrow up to the cost of attendance minus any other financial aid received for their dependent child.

Repayment

  • Parent PLUS Loan is in the parent's name and the parent's responsibility to repay.

  • For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.

 Interest Rates & Fees

  • Interest begins accruing when the loan is disbursed. There is no grace period for the interest on these loans.

  • Parent has option of paying the interest monthly instead of letting it build until time for repayment.

  • There is an origination fee on any PLUS loan. The fee is 4.236% for a loan first disbursed on or after 10/1/2019 & before 10/1/2020. The fee is deducted from each disbursement.

Current interest rate for Parent PLUS Loan is 7.08% (subject to change).