PLUS Loan

A federal loan program available to parents of dependent undergraduate students. The PLUS Loan Application can be completed at studentaid.gov. The loan amount is determined either by the request or by the eligibility remaining towards the student’s cost of attendance. For PLUS loans first disbursed on or after July 1, 2026, there will be an annual borrowing limit as well as a lifetime aggregate limit. Parents of undergraduate students who borrowed a Parent PLUS loan before July 1, 2026, and whose students remains in the same credentialed program, may continue to borrow under the previous rule of up to the cost of attendance minus other aid for up to three additional years or until program completion, whichever comes first. A credit check is required and will be processed by the US Department of Education.  Repayment is made through the Direct Loan Program and begins 60 days after the last disbursement of the loan is received. Usually, the last disbursement is received in January. Borrowers have the option of waiting until six months after the student ceases to be enrolled on at least a half-time basis.