Federal PLUS Loan for parents
Parents may borrow up to the cost of attendance minus any other financial aid awarded. The parent must receive credit approval for the PLUS Loan and sometimes may be approved with a credit-worthy endorser. The interest rate of the PLUS Loan is fixed at 7.9%. Repayment begins 45 days after full disbursement of the loan which typically occurs in January when the loan period is for the full academic year. (Fall semester only loans are typically fully disbursed in August).
Alternative Student Loans
Alternative student loans are acquired through a private lender or your local bank. Pay special attention to interest rates and how they are calculated, repayment terms, and terms for deferment of payment. We have compiled a list of lenders that our families have used in the past on our Alternative Loan Page.