A Federal Direct Parent PLUS Loan is a federal loan made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.
- Eligibility is not based on financial need, but a credit check is required yearly.
- Parent borrowers who have an adverse credit history must meet additional requirements to qualify.
- You may still receive a Federal Direct Parent PLUS Loan by obtaining a credit worthy endorser or cosigner. The endorser cannot be the child on whose behalf you are borrowing.
If the parent borrower is unable to secure a PLUS Loan, the undergraduate dependent student may be eligible for additional unsubsidized loans to help pay for his or her education. Freshmen and sophomores may be eligible for an additional $4,000 per academic year, while juniors and seniors may be eligible for an additional $5,000 per academic year.
- Complete the FAFSA application
- Be a U.S. citizen or eligible non-citizen
- Be matriculated in a degree program
- Maintain Satisfactory Academic Progress (SAP)
- Be enrolled at least half-time
- six credit hours for undergraduate borrower
- five credit hours for graduate borrower
- Be registered with Selective Service, if male 18 years of age or older
Interest Rates and Origination Fees for Federal Direct Loans
Interest rates and origination fees may change from year to year. These rates and fees are determined by the federal government. Once a loan is accepted however, the interest rate and fee will remain for the life of that loan. For current interest rates and fees visit the Federal Student Aid website.
Federal Requirements that must be completed before a Parent PLUS Loan can be processed at SUNY Poly
**Will be advised to complete this by federal government if required
Visit the SUNY Poly Financial Aid Forms web page for an information sheet titled Direct Loan Borrowing Process for Students and Parents which outlines the step-by-step instructions for fulfilling loan requirements.