Academia Support Center

Education Your Way

Parent Plus

TL;DR: Direct PLUS loans held by parent borrowers are usually referred to as Parent Plus loans. To be eligible the loan must be held by the biological or adoptive parent that does not have a stained credit record and meets the requirements to have federal student aid.

Groovy, Tell me more!

If you’ve taken a Direct PLUS Loan on or after 1 July 2018 and before 1 July 2019, your interest rate may be fixed at 7.6% for the life of your loan.

The fun part about this is that you can request payment deferment that could allow you to not make payments while your child remains enrolled (and for an additional six months afterwards). Keep in mind that you will have interest accrue during this period.

As a holder of a Parent PLUS plan, you are eligible for the following repayment plans:

The Standard Repayment Plan, The Graduated Repayment Plan, The Extended Repayment Plan and the Income-Contingent Repayment Plan (for those who consolidate their Parent Plus loan into a Direct Consolidation Plan).

But what If I have trouble with repayment?

The first step is to immediately contact your loan servicer. Your options include a deferment, a forbearance or other income-adjusted options that vary by case.

Okay, so how do I get started?

Many schools require applying for a Direct PLUS loan through Studentloans.gov , but many schools have their own seperate application processes. This can also be found on studentloans.gov and will alert you when you select your childs school.

Should you need asssistance our team is happy to advise you further; call 8552236307