What options are available for parent loans?
The Parent PLUS loan. To apply for this loan please submit the Parent PLUS Loan Request Form. The interest rate is fixed and capped at 7.9%. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full. Parents will pay an origination fee of 2.5 percent of the loan. This fee is subtracted from the requested loan amount. Repayment will begin within 45-60 days after the final loan disbursement for the academic year. There is no grace period for this loan, meaning interest begins to accrue at the time the first disbursement is made. Parents have two repayment options while their student is enrolled in a four year undergraduate program: • Full principle and interest payments for 10 years • Deferred payment during the four year undergraduate program. Interest will accrue during this period.
