Direct PLUS Loans for Parents

Direct PLUS Loans are available to parent borrowers who wish to borrow on behalf of dependent students. Generally, only undergraduate students under 24 years of age are considered “dependent.” Older students, graduate and professional students, wards of the court, and students who have served in the military are “independent” and must borrow in their own names.

Direct PLUS Loans are not based on financial need. However, to be eligible for the loan, parents must not have an “adverse” credit history as defined by federal regulations. For each child enrolled in college, parents may borrow up to the full cost of attendance each year minus any other financial aid that the student receives.

Direct PLUS Loans can be used to pay for any educational expense not covered by other forms of financial aid. Repayment on a Direct PLUS Loan normally starts once funds are disbursed.

Prior to July 1, 2010, Federal Parent PLUS Loans were available to parents through the Federal Family Education Loan Program (FFLEP); however, this program has been discontinued. General information on loans previously available is provided for your reference on CFNC. If you have an existing Federal Parent PLUS Loan(s) through College Foundation, Inc., go to My Loan Status for details.

Interest rates and other information on Direct PLUS Loans for Parents are available at Federal Student Aid website or by calling the Department of Education at (800)848-0979.

If you have an existing PLUS Loan through College Foundation, see Interest Rate Information.