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For those parents with dependent undergraduate children who are enrolled
at the Institute, Parent PLUS Loans are available and fall under the Federal
Family Education Loan Program (FFEL). PLUS Loans allow parents to borrow
on behalf of their dependent undergraduate children who are enrolled.
Parents are able to borrow amounts that cover the entire tuition. As with unsubsidized Stafford
loans, borrowers are responsible for the interest that accrues on PLUS
Loans throughout the life of the loan. PLUS Loans are based on the credit
of the borrower therefore we encourage parents to get “pre-approval”
should their be a question about credit worthiness. Pre approval forms
are available in our Financial Aid Office.
Some items to note for parents:
- Approval for the Parent Plus Loans is based on credit history.
- Loan repayment begins 6 months after the student graduates or withdraws from their program.
- Interest rate is currently 8.50% for the 2008/2009 award year.
- Parent may only apply for the amount of tuition not covered by
other aid.
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