Parent PLUS Loans are loans for parents of dependent undergraduate students to borrow up to the student’s cost of attendance, minus other financial aid.
Interest is charged during in-school, deferment, and grace periods. The borrower is responsible for the interest from the time the PLUS Loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.
Parent borrowers should be aware that Parent PLUS loans are subject to credit approval by the Department of Education.
| Borrower | Interest Rate (for loans disbursed from 7/1/23 to 7/1/24) |
Interest Rate (for loans disbursed from 7/1/22 to 7/1/23) |
Origination Fee (for loans disbursed from 10/1/21 to 9/30/23) |
|
|---|---|---|---|---|
| Parent of a dependent undergraduate | 8.05% Fixed | 7.54% Fixed | 4.228% | |
| Deferment | For information about deferment of a Parent Plus Loan, contact your loan servicer. | |||
| Repayment | Repayment begins once your loan is fully disbursed (paid out) unless you have requested a deferment. | |||
How Much Can I Borrow?
The maximum amount you can borrow each academic year is calculated by subtracting other financial aid from your cost of attendance. Direct loan eligibility and loan request amount must be greater than $350 for a PLUS or Grad PLUS loan to be processed.
Example
Alberta Gator is a first year dependent undergraduate student. Her cost of attendance for Fall and Spring terms is $17,600 and her other financial aid (such as grants, scholarships and Subsidized Loans) totals $9,000.
Alberta’s parent would be able to borrow up to $8,600 in a Parent PLUS Loan.
To Apply for a Parent PLUS Loan:
- Complete a FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.govwww.fafsa.gov.
- Submit an online PLUS Loan Request using https://studentaid.govhttps://studentaid.govhttps://studentaid.govStudentAid.gov.
To be Eligible You Must:
- be a parent or eligible step-parent of a dependent undergraduate student;
- the student must be enrolled at least half-time;
- the borrower and student must not have defaulted or owe a refund to any previous aid program;
- the student must maintain satisfactory academic progress;
- the parent borrower and student must be U.S. citizens, nationals, or permanent residents; and
- the parent borrower must have no adverse credit history.
To Receive Your Parent PLUS Loan:
- Complete a Master Promissory Note (MPN) for Parent PLUS Loans using https://studentaid.govhttps://studentaid.govhttps://studentaid.govStudentAid.gov.
- Complete PLUS Counseling if required using https://studentaid.govhttps://studentaid.govhttps://studentaid.govStudentAid.gov. PLUS Counseling is required if you initially do not pass a credit check but are approved because you obtain an endorser or you appeal your denial and submit supporting documentation.
- Once classes have begun, and UF has verified that the student is enrolled, funds will be disbursed.
