Parent PLUS Loans

Parent PLUS Loans

Who is eligible

The PLUS loan is a federal loan available to parents of dependent students to help pay for students’ educational expenses. To be eligible for a PLUS loan:

  • The school will run a credit check on the parent who filled out the application form. If there is adverse credit history, you'll need to have someone who can pass the credit check endorse the loan. This endorser agrees that he/she will repay the loan if you do not.

  • The parent applying for the loan must be the student's biological or adoptive parent. A step-parent may only apply if the step-parent's information was included on the student's FAFSA.

  • The student and parent will need to meet the General Eligibility Requirements for federal student aid, and the student must meet the Satisfactory Academic Progress requirements;

  • Student needs to be enrolled at least half time (6+ credits) for the semester(s) for which the loan will be disbursed

What are the terms

If your PLUS loan is approved, funds will first be applied to your student’s outstanding LDS Business College balances. Any remaining funds will be sent to the parent borrower, or to the student if authorized. Parent borrowers will need to complete the Direct PLUS Loan Master Promissory note online at studentloans.gov.

Should your loan be denied, the student becomes eligible for the higher Stafford loan limits for an independent student.

You can view the current origination fee and interest rate (which begins the day of disbursement) by clicking below.

How to repay

Repayment begins 60 days after the final disbursement of the loan. Repayment calculators are provided by the Department of Education at studentloans.gov.

You can contact the servicer assigned to your loan to make interest or loan payments, and to request deferments, forbearance or different payment plans. Your servicer’s contact information is in your account at www.nslds.ed.gov.

Payment may be deferred until after the student has ceased half time enrollment for six months.  If you are unable to make payments, please contact the servicer to determine if you qualify for a different repayment plan, deferment or forbearance. Never just stop making payments.