The Parent PLUS loan is available to parents of dependent students (as determined by the FAFSA). It can be used to help pay for any remaining educational expenses.
Interest Rate - 7.595% (07/01/2018 to 06/30/2019)
Loan Fees - 4.248% (10/01/2018 to 09/30/2019)
To be eligible for the Parent PLUS loan, the borrower:
1. Must not have adverse credit history, or
2. Has an adverse credit history but has obtained an endorser who does not have and adverse credit history and completes PLUS Loan Counseling offered by the Dept. of ED, or
3. Has an adverse credit history but documents to the satisfaction of the Dept. of ED that extenuation circumstances exist and completes PLUS Loan Counseling offered by the Dept. of ED.
to complete the PLUS Application or PLUS Counseling (parent needs to log in). The parent also needs to complete a Master Promissory Note on the same website. Repayment begins within 60 days of the loan being fully disbursed, unless the borrower chooses to defer payments. For full details, refer to the loan application.
Click Here for more information.
***Parent PLUS Loans for the 18/19 Award Year will be available on May 1, 2018***
PRIVATE LOANS for PARENTS
Private loans are available for parents of students who do not qualify for Federal loans or need additional aid. The following link has a list of lenders that have provided excellent customer service and have benefits designed to meet the needs of parents and students.
Please visit each lender's website to learn more about their features and benefits.
Click here for CBU's established lenders (select "Parent Loans" from the dropdown menu).
Check out the competitive rates compared to the Federal PLUS Loan.