Loans for Parents
PLUS (Parent Loan for Undergraduate Students) loans are available to cover the difference between the cost of attendance and financial aid.
- Borrower must be a U.S. citizen or permanent resident.
- 7% fixed interest rate and an origination fee of 4.264% (deducted from each loan disbursement). Interest begins to accrue on the loan from the date of the first disbursement.
- Borrower must pre-qualify by passing a credit check. Once approved, the credit check is good for only ninty days. Due to this time schedule, please apply for the loan after May 1.
- If parent’s credit is denied, the parent can re-apply with an endorser. As an alternative, the student is eligible to borrow an additional unsubsidized Direct Loan in the amount of $4,000 for 1st and 2nd year students, $5,000 for 3rd and 4th year students.
- Loan proceeds will be credited directly to the student’s account within ten days prior to the start of classes for each semester.
- Repayment begins within sixty days after the full disbursement of the loan.
- Parent can request deferment to postpone repayment for up to six months after student graduates by selecting this option when completing the PLUS Loan application online.
- Additional information is available via the Direct PLUS Loan Basics for Parents brochure.
Parents initiate the borrowing process by:
- Completing the Free Application for Federal Student Aid (FAFSA)
- Completing the Direct PLUS Loan Application
- Completing the Direct PLUS Loan Master Promissory Note
- Completing the Hamilton College Direct PLUS Loan Request Form