What are PLUS Loans?
The PLUS loan is taken out by the parent for their son or daughter to help pay for their education over an extended period of time. The interest rate on this loan is fixed at 8.5 percent. You must reapply for the PLUS Loan every year. There are no annual borrowing limits set by the federal government, but cannot exceed the cost of attendance minus financial aid. To find out your maximum eligibility for the PLUS Loan, please call the financial aid office at 253-535-7134.
What are the requirements?
As a parent borrower, you must be:
- A student's natural or adoptive mother or father
- An eligible step-parent, if income and assets are considered in the Expected Family Contribution (EFC)
- Borrowing on behalf of a dependent undergraduate student
- Either a U.S. citizen, U.S. national or eligible non citizen
- Not in default on any education loan or owing a refund on any education grant
- Not on record with an adverse credit history as defined by the Department of Education
Your dependent student must be:
- A U.S. citizen, U.S. national or eligible non citizen
- Enrolled or accepted for enrollment at least half-time in a degree or certificate program at an eligible school
- Not in default on any student loan or owe a refund to any education grant program
How do my parents apply?
The most convenient way to apply is on the Internet, by clicking on a lender from our Parent PLUS Loan Lender list. You may also go directly to your lender's Web site for their electronic application process. Your lender will generate your electronic loan application, which we will then certify.
How much can my parents borrow?
The amount that you can borrow is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $6,000 dollars and you receive $4,000 in other financial aid, your parents could borrow up to—but no more than—$2,000.
