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Parent PLUS Loan

The Federal Parent Loan for Undergraduate Students (PLUS) is a credit-based loan available to parents of undergraduate students. The loan is to be used to pay for tuition, fees, room and board, and other school charges. We encourage families to first exhaust students' Stafford Loan eligibility before borrowing a parent loan. We also advise families to only borrow the minimum needed to help pay for school. Parents must pass a credit check in order to obtain a Parent PLUS loan.

Parent PLUS Loan Quick Facts

Credit Check: Parents must pass a credit check to receive a federal parent loan. If a parent's credit is denied, the parent can appeal the decision or secure a creditworthy endorser to cosign the loan. Otherwise, the school will be notified of the denial, and the student will be eligible for limited additional unsubsidized Stafford Loan funds.

Interest Rates and Fees: Interest rates are fixed at 6.41 percent. The government deducts a 4.204 percent fee from the loan amount up front.

Repayment: Parents may choose to begin repaying the loan 60 days after the loan is fully disbursed or six months after the student graduates from college or ceases to be enrolled at least half-time.

Refunds: Loan funds are applied to the student's account, and any refund generated after the student's balance is paid will be sent to either the parent or the student, depending upon what the parent indicates on the PLUS application.

Student Enrollment: Students must be enrolled at least half-time (6 credit hours) in order to receive federal parent loan funds.


To Apply

  1. Visit StudentLoans.gov. Make sure you have the names, addresses, and phone numbers of two references and of your employer before you begin.
  2. Click the SIGN IN button in the top left-hand side of the screen.
  3. Sign in with your social security number, the first two letters of your last name, your date of birth, and your FAFSA PIN number. If you forget your PIN number, visit www.pin.ed.gov and select "Request A Duplicate PIN" to retrieve it.
  4. Click the third link: Request a Direct PLUS Loan
  5. Select Parent PLUS.
  6. Register your student by entering his or her information.
  7. Enter an amount you would like to borrow. If you leave the amount blank, Thomas More's policy is to approve for you the suggested amount listed on your student's award letter. If you would like to borrow more or less than the suggested amount, please indicate the new amount on your application.
  8. Check the box to authorize a credit check.
  9. If you are not approved, you may secure a creditworthy endorser to cosign for your PLUS loan. If you do not secure a creditworthy endorser, your student will be eligible for an additional $4,000 or $5,000 in unsubsidized funds. Please contact the financial aid office if you would like to borrow these funds.
  10. If your credit is approved, click on the student's name to complete the Master Promissory Note.
  11. Enter your information and the student's information.
  12. Complete your information, sign electronically, and submit application.

Apply for Parent PLUS Loan