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Loans for Parents


Federal PLUS Loan

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 eligible non-citizen.
  • For the 2018-19 academic year the fixed interest rate is 7.595% with an origination fee of 4.264% (deducted from each loan disbursement). Interest begins to accrue on the date of the first disbursement.
  • Borrower must pre-qualify by passing a credit check. Once approved, the credit check is good for 180 days. Borrowers may begin the application process after April 1.
  • If a parent’s application is denied, the parent may 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.
  • Repayment begins within sixty days after the loan has fully disbursed. A parent may request a deferment to postpone repayment for up to six months after the student graduates or drops below half-time enrollment.
  • Additional information is available via the Direct PLUS Loan Basics for Parents brochure.

PLUS Loan application requirements:

Alternative Loan for Parents

  • Parents, family members, or other individuals may borrow a private educational loan from a lender of their choice for up to the difference between the cost of attendance and financial aid.
  • Borrower, co-signer, and student must be a U.S. citizen or eligible non-citizen.
  • Borrower can choose from fixed or variable interest rates.
  • To obtain the loan, applicants must satisfy credit requirements.
  • Most do not charge an application or origination fee.
  • For additional information, please contact the Office of Financial Aid.
     

See financing options and loans for students.

Contact Information


Office of Financial Aid

800-859-4413 315-859-4962 finaid@hamilton.edu
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