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:
- Free Application for Federal Student Aid (FAFSA) - completed by student
- Direct PLUS Loan Application
- Direct PLUS Loan Master Promissory Note
- 2018-19 Hamilton College Direct PLUS Loan Request Form
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.