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 2021-22 academic year the fixed interest rate is 6.28% with an origination fee of 4.228% (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.
PLUS Loan application requirements:
- Free Application for Federal Student Aid (FAFSA) - completed by student
- Direct PLUS Loan Application
- Direct PLUS Loan Master Promissory Note
- 2021-22 Hamilton College Direct PLUS Loan Request Form
A small number of families obtain private educational loans through lenders of their choice. Students will require a co-signer to secure an alternative loan. Families should compare rates, benefits and repayment options offered by various lenders.
- Parents, students, family members, or other individuals may borrow a private educational loan 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, applicant and/or co-signer must satisfy credit requirements.
- Most do not charge an application or origination fee.
- For additional information, please contact the Office of Financial Aid.