Financial Aid Office
Types of Financial Aid - Federal

Parent Loan to Undergraduate Students (PLUS)

Eligibility

If you were required to provide parent information on the Free Application for Federal Student Aid (FAFSA), the PLUS Loan enables your parent(s) to borrow funds to assist you with your education related expenses. The PLUS Loan is not based on need, meaning it does not depend on family income or assets; however, the program requires that you have filed a FAFSA to be considered for this loan.

Graduate/professional students may also borrow under the PLUS Loan program although we recommend that they maximize their federal Direct Loan eligibility before attempting to apply for a PLUS Loan. Many SCSU graduate students may not be eligible to borrow additional funds under the PLUS Loan program as their total eligibility would have been met under other student loan programs.

Interest Rates, Fees, and Limits

  • The federal government sets interest rates for the PLUS Loan each July 1st for the upcoming academic year. The fixed interest rate is 6.41% for loans first disbursed on or after July 1, 2013 and before July 1, 2014 and 7.21% for loans first disbursed on or after July 1, 2014 and before July 1, 2015.
  • The PLUS Loan has a loan (origination) fee that is deducted from each loan disbursement you receive. The origination fee is 4.288% for loans first disbursed on or after December 1, 2013 and before October 1, 2014. The fee is 4.292% for loans first disbursed on or after October 1, 2014 and before October 1, 2015. See the chart for more information.
  • Federal regulations stipulate that a student cannot receive financial aid in excess of the school's cost of attendance. Repayment of the PLUS Loan begins 60 days after the final disbursement of the loan.

To Apply*

Complete the following steps to apply for a federal PLUS Loan. See step by step screen shots of the e-application process:

  1. Sign in to the Federal Student Aid website at www.studentloans.gov Click on the green "Sign In" button under "Manage My Direct Loan." The parent must sign in using his/her social security number and federal Personal Identification Number (PIN). Parent(s) who do not have a federal PIN may apply for one at www.pin.ed.gov
  2. Click on "Request a Direct PLUS Loan" and select the loan type "Parent PLUS" in order to complete the online loan application.
    • If the PLUS Loan application is denied,* indicate that you would like to proceed as "undecided" and the SCSU Financial Aid Office will contact you.

    • If the PLUS Loan application is approved and you wish to borrow the PLUS Loan, complete the Master Promissory Note (MPN) using the directions below (step 3).

  3. Approved applications only: On the left-hand side under the heading "Master Promissory Note," click on "Complete MPN" and then "Parent PLUS" to complete the PLUS Loan MPN online.

*A credit check is required for the PLUS Loan. If a parent is denied a PLUS Loan the student may be eligible for additional unsubsidized Direct Loan. The Department of Education will send a denial notice to the parent applicant and SCSU Financial Aid Office after the initial PLUS Loan application has been submitted. We will then notify the student of any additional unsubsidized Direct Loan eligibility by sending an email to the student's SCSU Husky email account.

Return to the Loans Overview Page

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