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Parent PLUS Loan

The Federal Direct Parent Loan for Undergraduate Students (PLUS) helps parents assist with their student’s educational costs. PLUS loans enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time (six credit-hours).


Eligibility Requirements for Parent PLUS

For Parents:

  • Must be the biological or adoptive parents of the student
    • Legal guardians, grandparents and/or other 3rd parties may NOT apply
    • Step-parents may apply if married to the biological or adoptive parent and the step-parent's income and assets are listed on the FAFSA
  • Parent applying for a Direct PLUS loan must not have defaulted on any previous student or parent loans

For Undergraduate Students:

  • Must be enrolled at UTSA at least 1/2 time (6 hours)
  • Must be meeting Satisfactory Academic Progress
  • Student must be considered dependent
  • Must have a FAFSA on file

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Interest Rate & Origination Fees

PLUS Interest Rate and Origination Fees

Interest rates for PLUS loans are now tied to 10-year U.S. Treasury Notes based on legislation signed into law August 2013. Each year interest rates could vary. The maximum that a PLUS loan interest rate can increase to would be 10.5% per this legislation.
Disbursement Date
Interest Rate
Origination Fee
On or after October 1, 2014
7.21% fixed
4.292 % is deducted proportionally from each loan disbursement

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Parent PLUS Repayment

Parent PLUS loans are the financial responsibility of the parents, not the student. For more information on repayment of PLUS, visit the Direct Loan Program FAQs page.

  • First payment is due 60 days after the PLUS loan is fully disbursed*
  • Standard repayment is 10 years
  • Interest accrues while the student is enrolled

*Parents may contact the Direct Loan Servicing Center at 1-800-848-0979 to request a deferment of payment based on the dependent student's enrollment status.

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How to Apply for a Parent PLUS Loan

Parent PLUS loans are credit-based and parents must be credit-approved in order to apply.

Steps to Apply for a Parent PLUS Loan:

2014-2015 Aid Year (Fall 2014 and Spring 2015)

  1. The student must have a valid FAFSA on file with UTSA.
  2. The parent must sign in to www.studentloans.gov using his or her Department of Education issued PIN (the same PIN the parent used to sign the FAFSA).  If the parent has forgotten his or her PIN, the parent can resolve this at www.pin.ed.gov.  Note:  The Parent PLUS loan application for the 2014-2015 aid year will be available on www.studentloans.gov on May 1, 2014.
  3. Once signed in, the parent should click on "Request a PLUS Loan" and select "Parent PLUS" as the loan type. All required fields must be filled in.
  4. At the end of the application, the parent will be asked to consent to a credit check and will receive an immediate credit decision.
  5. If approved for the loan, the parent must sign an electronic Master Promissory Note (eMPN) for the PLUS Loan at www.studentloans.gov.
  6. The parent must submit the 2014-2015 Parent PLUS Request Form if approved or denied. 
    • If the parent was approved for the Parent PLUS Loan, keep in mind that the credit approved is only valid for 90 days and will not be extended.  If the credit approval expires prior to submission or processing of the Parent PLUS Request Form, the parent will be required to reapply (consent to a new credit-check) at www.studentloans.gov.
    • If the parent was denied the Parent PLUS Loan, the parent may select the option on the Parent PLUS Request form to have the student offered the additional unsubsidized Stafford loan due to the denial.  The maximum amount that can be offered is $4000 for freshman and sophomores or $5000 for juniors and seniors. 

 

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