GENERAL INFORMATION FOR PARENT PLUS LOAN BORROWERS
The Parent PLUS Loan is a federally insured, fixed interest rate loan for parents of eligible dependent students. The current interest rate is 8.5%. Fees can include a 3% origination fee and 1% default fee. Contact the lender of your choice for specific rates and terms.
To borrow a PLUS loan for a student the parent must be the student’s biological mother or father. A stepparent is also eligible to borrow a PLUS loan if their income and assets would be taken into account when calculating the dependent student’s EFC. A parent must meet the same citizenship and residency requirements as a student. Walsh College requires that the student and parent must both complete the FAFSA to ensure all Title IV federal eligibility requirements are met.
Parent PLUS loans require that the borrower cannot have adverse credit history as established by the lender. You must contact the lender of your choice for details on their individual requirements. You may borrow a Parents PLUS loan from any lender. The lenders listed have made PLUS loans available for Walsh College students:
Parent PLUS loans are limited to the cost of education less any other aid. The school is required to certify that the student is eligible for the amount requested by the parent.
If you the parent wish to apply for a PLUS loan, in addition to filing the FAFSA you must complete and submit the Federal PLUS Loan Information Form to the Financial Aid Office. You will also be required to complete a PLUS Master Promissory Note with the lender of your choice.