Office of Financial Aid

PLUS Loans

ATTENTION: Applicants of Federal Loans through Bank of America, US Bank and Key Bank

If you have applied for a Federal Parent PLUS loan and your loan status does not show "CERT" (certified) on Banner Web, you must re-apply for the loan using a different lender. Bank of America, US Bank, & Key Bank have all terminated their participation in the federal loan program. If you have a Federal Stafford Loan through any of these lenders which has not yet been disbursed onto your student account, you will need to re-apply with another lender as well.

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 eligibility is limited to 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?

Parents wishing to borrow a Federal Parent PLUS loan should apply directly with their chosen lender.  If your lender has been a major provider of PLUS loans to PLU students in the past, they will appear on our lender list.  You can link to these lender's application website from this list.  Once your credit history is found to be acceptable, your lender will notify PLU of your approval.  PLU will then certify your application for your requested loan amount or the student's maximum eligibility, whichever is less. 

Please note: When PLU certifies your application, a second credit check will be made if certification doesn't occur within 90 days of your initial approval.  Therefore, we recommend that you apply after June 1 to assure that our certification does not trigger a second credit check.

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 $35,000 dollars and you receive $28,000 in other financial aid, your parents could borrow up to—but no more than—$7,000.

Office of Financial Aid, Pacific Lutheran University, Tacoma WA 98447