Federal Parent Loan
Up to the cost of attendance
The Federal Parent Loan for Undergraduate Students (PLUS) is a loan that can be taken out by parents of dependent undergraduate students.
Application Process
- Submit your FAFSA as soon as possible after October 1. Use Corban’s code: 011339.
- Apply at studentaid.gov.
Requirements
- All dependent undergraduate students
- Not need-based
Loan Details
A PLUS loan must be applied for by the parent of a dependent student. Loan funds are disbursed to the student’s account in halves each semester. Payment terms can be chosen at the time of application. A loan fee of 4.228% will be withheld from the amount borrowed, and interest will begin after the first disbursement.
- Credit decisions are based on recent credit history, not debt-to-income ratio.
- The loan has a fixed interest rate. For loans disbursed between July 1, 2024 – July 1, 2025, the rate is 9.08%.
- If the parent is denied the PLUS loan due to credit, the student qualifies for additional federal Unsubsidized Direct Loans ($4,000 for Freshmen and Sophomores and $5,000 for Juniors and Seniors).