For Parents

For those parents with dependent undergraduate students who are enrolled at the Institute, Parent (PLUS) Loans for Undergraduate Students are available and are funded directly by the U.S. Department of Education. PLUS Loans allow parents to borrow on behalf of their dependent undergraduate student and are able to borrow amounts that cover partial or the entire tuition as long as it does not exceed the cost of attendance. In order to be eligible for the PLUS Loan, the student and parent must be United States Citizens or eligible noncitizens, not be in default on any federal education loans, not owe an overpayment on federal education grant, and meet other general eligibility requirements for the federal student aid programs. As with Unsubsidized Stafford loans, borrowers are responsible for the interest that accrues on PLUS Loans throughout the life of the loan. PLUS Loans are based on the credit of the borrower.

Some items to note for parents:

• Approval for the PLUS Loans is based on credit history.

• Interest rate is currently 8.05% fixed for the 2023-2024 award year.