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)
        1. Complete the Federal Direct PLUS Loan for Parents Application
          2021-2022 Undergraduate or Graduate/Professional Law
          Full Year 08/09/2021 - 05/10/2022 08/16/2021 - 05/13/2022
          Fall 08/09/2021 - 12/08/2021 08/16/2021 - 12/10/2021
          Spring 01/12/2022 - 05/10/2022 01/11/2022 - 05/13/2022
          Summer 05/11/2022 - 08/05/2022 05/31/2022 - 07/07/2022
          2020-2021
          Undergraduate or Graduate/Professional                    Law
          05/12/2021 - 08/06/2021                                                         06/01/2021 - 07/08/2021
  2. 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

5.28% fixed interest rate during repayment for loans disbursed on or after July 1, 2021 and before July 1, 2022.

Fees

4.228% origination fee for loans disbursed on or after October 1, 2020 and before Oct. 1, 2021; 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.