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 attending school at least half-time.

Parents can borrow funds equal to the total cost of undergraduate education including tuition, room and board, fees and other related expenses less any other aid and student resources that the student has already received. A parent borrower is defined as a natural or adoptive parent, legal guardian or step-parent. Although Parent PLUS Loans are not need-based, families must complete a Free Application for Federal Student Aid (FAFSA) before a PLUS loan application will be processed by the Financial Aid Office 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. Deferment options may be available from the loan servicer.

Applying for a PLUS Loan

Parents who want to initiate a Parent PLUS Loan application should complete the Direct PLUS Loan Request. This request will authorize the University of Pittsburgh to perform the credit check with the Department of Education. Once approved, the parent borrower will be directed to complete the Direct Loan PLUS Master Promissory Note (MPN) online at the federal Direct Lending site.

An undergraduate student whose parent is denied a PLUS loan, may be eligible for additional unsubsidized Stafford funds. Borrowers in this situation can request the additional unsubsidized funding by choosing this option on the Direct PLUS Loan Request.

Parent borrowers who are denied a PLUS loan based on adverse credit may also seek an endorser or appeal the credit decision. Information on both of these options is available at www.studentloans.gov or by contacting Common Origination and Disbursement for the Dept. of Education at 1-800-557-7394.

Repayment on a Parent PLUS loan will begin 60 days after the loan is fully disbursed. Parent PLUS Loan borrowers whose loans were first disbursed on or after July 1, 2008, may choose to have repayment deferred while the student for whom the parent borrowed is enrolled at least half-time and for an additional six months after that student is no longer enrolled at least half-time. Interest that accrues during these periods will be capitalized if not paid by the parent during the deferment.