Federal PLUS Loan Program Information

Federal Parent Loan for Undergraduate Students (PLUS) are available to the parent(s) of classified dependent students who are enrolled at least half-time (6 credits) to help pay the cost of their educational expenses. The interest rate on loans disbursed after July 1, 2006 is fixed at 8.5%. (Prior to July 1, 2006, interest rates were variable.)

These loans are typically awarded to students who do not demonstrate financial need or may be used to supplement a Federal Stafford loan. The parent is responsible for interest that accrues on the loan, which starts after the loan is disbursed. Repayment of the PLUS loan begins 60 days after the loan is fully disbursed.

The Master Promissory Note

If you are awarded a Federal PLUS Loan, your parent must complete a Federal PLUS Loan Application & Master Promissory Note (MPN) confirming to the lender that he/she will repay funds that they borrow under this loan program. The MPN eliminates the need to complete a promissory note every year to receive additional loans (in most cases). Your parent will confirm the amount of loan funds requested for each academic year through the Federal PLUS Loan Request Form.

Annual PLUS Loan Eligibility based on the following equation:

Cost of Attendance (COA) - Financial Aid Resources = PLUS eligibility

For example: $5,000 COA - $3,000 Financial Aid = $2,000 PLUS eligibility

For more information, see Financial Aid Cost of Attendance.

Apply for a Federal PLUS Loan

If you are interested in borrowing a Federal PLUS Loan, you will need to go online to complete the PLUS Loan Request Form and the Federal PLUS Master Promissory Note (MPN). For more information see "KCC Plus Loan Request".