Federal Direct PLUS Loan for Parents
The Federal Direct PLUS Loan for Parents (PLUS) provides a borrowing option for parents of dependent undergraduate students. Based upon a parent's credit history, a parent may borrow up to the student's cost of attendance (less any other financial assistance the student may be receiving) through this federally guaranteed, non-need-based loan program.
Educational Loan Priority Deadline
Borrower
Parent
Loan Eligibility
Biological/adoptive parents of dependent undergraduate students who:
- Are enrolled at least half-time in an eligible program
- Have completed the Free Application for Federal Student Aid (FAFSA)
- Are U.S. citizens or eligible non-citizens
- Are not in default on any federal educational loans
- Are meeting Satisfactory Academic Progress (SAP)
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA)
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- Complete the Federal Direct PLUS Loan for Parents Application
2022-2023 Undergraduate or Graduate/Professional Law Full Year 08/25/2022 - 05/09/2023 08/22/2022 - 05/12/2023 Fall 08/25/2022 - 12/13/2022 08/22/2022 - 12/16/2022 Spring 01/11/2023 - 05/09/2023 01/11/2023 - 05/12/2023 Summer 05/31/2023 - 08/04/2023 06/05/2023 - 07/14/2023
Undergraduate or Graduate/Professional Law
06/01/2022 - 08/05/2022 05/31/2022 - 07/07/2022
- Complete the Federal Direct PLUS Loan for Parents Application
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- Complete the Federal Direct PLUS Loan for Parents Master Promissory Note (MPN)
Borrowing Limits
Up to the student's cost of attendance (less any other financial assistance the student may be receiving).
Interest Rate
7.54% fixed interest rate during repayment for loans disbursed on or after July 1, 2022 and before July 1, 2023.
Fees
4.228% origination fee for loans disbursed on or after October 1, 2022 and before Oct. 1, 2023; deducted from the borrowed value prior to disbursement.
Repayment Information
Repayment of both principal and interest usually begin within 60 days of disbursement of the funds, however, parents have the choice to defer payment until six months after the student ceases to be enrolled in school on at least half-time basis, generally extending over a 10-year period.
NOTE: Information about your loans will be reported to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools and loan servicers for the specific purposes as authorized by the Department of Education.
Additional details regarding the Federal Direct PLUS Loan for Parents may be found at studentloans.gov.
Financial Aid
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Address
Texas Tech University | Student Financial Aid & Scholarships | West Hall 301 | P.O. Box 45011, Lubbock, TX 79409 -
Phone
P: 806.742.3681 | F: 806.742.0880 -
Email
finaid.advisor@ttu.edu