The federal Parent PLUS Loan program enables parents with good credit histories to borrow money to pay the education expenses of their children. The student must be a dependent undergraduate student enrolled at least half time.

Parents can borrow the total cost of undergraduate education including tuition, room and board, fees and other related expenses less any other aid and student resources. A parent borrower is defined as a natural or adoptive parent, legal guardian or step-parent.

For the 2008-09 school year, some lenders are adjusting both the fees they will charge and benefits they offer to Parent PLUS Loan borrowers. When choosing a lender, families should inquire about fees charged at the time the loan is originated as well as benefits that may be offered to reduce costs during the repayment of a PLUS Loan. Information about loan options can be found at individual lender websites. You may also want to consult the AES (American Education Services) website for additional information about lenders participating in the Keystone BEST option at http://www.aessuccess.org/

Although Parent PLUS Loans are not need-based, families must complete a Free Application for Federal Student Aid (FAFSA) to insure that other federal eligibility requirements, including citizenship and absence of other student loan defaults, are met.

There is no deadline to apply for a Parent PLUS Loan. While every effort is made to expedite this process, we suggest that you apply for fall term loans by June 1. Applications for the spring term should be completed by October 1 and by February 1 for the summer term. No loan application can be processed by the Financial Aid Office after the last day of the term for which the loan is requested.

Repayment of both principal and interest on a Parent PLUS Loan will begin within 60 days of disbursement. Other terms of repayment vary by lender.

Applying for a PLUS Loan

An undergraduate student whose parent is denied a PLUS loan, may be eligible for additional unsubsidized Stafford funds. Students in this situation should submit a copy of the PLUS denial and a written request asking for additional unsubsidized Stafford Loan funds. The written request should be sent to the Office of Admissions and Financial Aid.