Texas Tech University

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.

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

  1. Complete the Free Application for Federal Student Aid (FAFSA)
  2. Complete the Federal Direct PLUS Loan for Parents Application
    2017-18 Undergraduate or Graduate/Professional Law
    Full Year 8/14/2017 - 5/15/2018 8/21/2017 - 5/11/2018
    Fall 8/14/2017 - 12/13/2017 8/21/2017 - 12/15/2017
    Spring 12/14/2017 - 5/15/2018 1/9/2018 - 5/11/2018
    Summer 5/16/2018 - 8/10/2018 5/29/2018 - 8/11/2018
    2018-19 Undergraduate or Graduate/Professional Law
    Full Year 8/13/2018 - 5/14/2019 8/20/2018 - 5/17/2019
    Fall 8/13/2018 - 12/12/2018 8/20/2018 - 12/14/2018
    Spring 12/13/2018 - 5/14/2019 1/14/2019 - 5/17/2019
    Summer 5/15/2019 - 8/9/2019 5/28/2019 - 8/10/2019
  3. 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

7.00% fixed interest rate during repayment for loans disbursed on or after July 1, 2017.

7.60% fixed interest rate during repayment for loans disbursed on or after July 1, 2018.

Fees

4.264% origination fee for loans disbursed after October 1, 2017; 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.