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Federal Direct Parent PLUS Loan

Last updated on Sep 23, 2022

Parent PLUS Loans are available to the parents or stepparents of dependent undergraduate students. These credit-based loans are not determined by financial need and can go up to cost of attendance.

PLUS Loans are financed directly by the US government, so you do not need to choose a lender. Parents borrowing PLUS Loans must complete a PLUS application through the Federal Student Aid.

Interest Rate & Loan Origination Fee:

  • Interest Rate for Direct Parent PLUS Loans First Disbursed on or After July 1, 2022, and Before July 1, 2023 is 7.54%. There is no annual limit to the amount that can be borrowed through the PLUS Loan program.
  • In general, parents may borrow up to the cost of attendance less any other financial aid received. Parent PLUS loans disbursed on or after October 1, 2020 and before October 1, 2023, will have an initial origination fee of 4.228% of the principal amount of the loan. This fee will be deducted from each disbursement of each loan.

Loan Repayment:

The standard repayment period under this program is 10 years. Interest is charged on Parent PLUS Loans beginning on the date of the first loan disbursement. Repayment of the principal and interest on a Parent PLUS Loan begins within 60 days after the loan is fully disbursed.

Parents may request an in-school forbearance from Direct Loan Borrower Services during which no payments, or interest-only payments, are required.

Interest on Parent PLUS Loans continues to be charged during periods of deferment or forbearance. You may either pay the interest as it accrues or you may allow the interest to be capitalized (added to your loan’s principal balance).

Capitalization increases the total loan amount that you must repay.


How to Apply for a Parent PLUS Loan

Steps to Apply for a Parent Plus Loan:

Step 1: Complete a 2022-23 FAFSA Application online.

Step 2: Have your parent login to studentaid.gov and apply for the loan using our federal school code, 001127, and complete the Parent PLUS loan application. You will receive a notification via email from the Department of Education, indicating the approval or denial of your loan.

Step 3: Have your parent complete a Parent PLUS Master Promissory Note (MPN). You can complete and sign the Parent PLUS Loan MPN online.

  • Select Complete Master Promissory Note option on menu.
  • The Parent PLUS MPN is usually a multiyear promissory note. The MPN is good for ten years unless you use an endorser (cosigner), in which case the MPN is good for that loan only.
  • You must complete and sign a Parent PLUS MPN to receive your loan funds which you can do so online.

How much to apply for

  • It is possible to borrow a greater amount than what was indicated on your dependent student's financial aid award letter. You can borrow up to the total estimated cost of attending CCA less other financial aid. When applying for the loan you will need to indicate how much you are applying for by entering either a specific amount or by requesting the maximum amount.

  • The maximum amount is our cost of attendance minus other financial aid offered in your students' aid package. Upon approval, we will evenly disburse the funds according to the timeframe you applied for.
    • Example: if you applied for $10,000 for the fall and spring semesters, we will disburse $5,000 at the beginning of the fall term and the remaining $5,000 at the beginning of the spring semester.

If you need assistance determining the overall amount needed to request in a Parent PLUS loan, please contact our Student Accounts office.

Important Notes

  • Repayment for Parent PLUS Loans begins 60 days after the loan is fully disbursed. Parents may request an in-school forbearance from Direct Loan Borrower Services during which no payments, or interest-only payments, are required. Such requests go directly to Direct Loan Servicing Center.
  • Parent borrowers must be a citizen, permanent resident or other eligible non-citizen of the United States to be eligible for a Parent PLUS Loan.
  • Only parents are allowed to apply for the Parent PLUS Loan; students cannot apply. The loan neither is transferable nor can it be consolidated into a loan in the student's name.
  • This is a credit-based educational loan program. Creditworthiness is determined by the Department of Education. If you do not meet the federal credit requirements, you can still receive a loan provided you obtain an eligible endorser (cosigner).
  • The Department of Education must review your credit (and your cosigner's credit, if applicable) each time you apply for a Parent PLUS Loan.