PLUS Loans for Parents   

Federal Parent PLUS Loans enable parents with good credit histories to borrow money to help pay for the educational expenses of undergraduate students enrolled on at least a half-time basis. Parent PLUS Loans are not based on financial need. There are no loan limits for the Parent PLUS Loan. 

Parent borrowers may be eligible to borrow an amount equal to the cost of attendance less any other financial aid the dependent student receives. Interest begins to accrue from the first disbursement date, and repayment begins within 60 days after the final loan disbursement.

The parent borrower has up to 10 years to repay the loan. Your first monthly payment will be due within 60 days after the final disbursement of the loan.  Upon receipt of your monthly payment schedule, you will have the option to defer monthly payments provided the student is enrolled in school on at least a half-time basis.  You may also be eligible for other deferment options after repayment begins.   

PLUS Loan Fees and Interest Rate:

There are federal fees associated with a PLUS Loan which will be deducted from the amount you borrow. 

• 3% origination fee
• 0% - 1% default fee, based on guarantor of the loan

PLUS Loans have a fixed interest rate of 8.5% set by the federal government.

Parent PLUS Loan Pre-approval

Some colleges and universities require Pre-approval before certifying your loan.

You should not apply more than 90 days prior to the beginning of the loan period to avoid an additional credit check pulled on your record.  If you do not know the specific loan period start date, please refer to the suggested time-frame for requesting a pre-approval.·        

• Fall semester enrollment: Apply no earlier than June 20
• Spring semester enrollment: Apply no earlier than October 15
• Summer semester enrollment: Apply no earlier than March 15

If Pre-approval is required, you may click on the icon to apply on-line for convenient pre-approval for your PLUS Loan.

Federal PLUS Loan Master Promissory Note

If your school directs you to your lender to submit a Federal PLUS Loan Master Promissory Note, you may access our Federal PLUS Loan Master Promissory Note in either of two ways:

• click here to complete the MPN online - you may then either sign and submit it electronically or print it out, sign and mail.
• click here for a blank form and then simply print it out, complete it, sign and send to our servicer at:

The Citizens Bank of Philadelphia
ESF Student Loan Servicing
P. O. Drawer 55909
Jackson MS 39296-5909

Need assistance?

Call us toll-free at 1.877.349.4347 or send an email.

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