What are Parent PLUS Loans

Federal Parent PLUS Loans are for parents of dependent students and are based upon credit worthiness. Under this program, parents can borrow up to the cost of education at an accredited institution, minus any financial aid a student receives themselves. Repayment of a Parent PLUS Loan begins within 60 days of the final disbursement of the individual loan. Parents may choose to defer payments until 6 months after the dependent student has left school, or dropped below half-time enrollment. This can be done by completing the Parent PLUS Borrower Deferment Request Form.

Repayment can take up to 25 years based on the total outstanding account balance. There are different options for repaying once the repayment period has begun. Find out more about these options by:

  • Calling an OSLA Customer Service Representative at 866-264-9762
  • Checking your online account at Manage My Account going to Payments, and then Payment Options
  • Reviewing the payment simulator at studentaid.gov Loan Simulator

For parents who are borrowing money to pay for their dependent undergraduate child’s education, and for graduate or professional degree students; financial need is not required.

  • Must complete the FAFSA (Free Application for Federal Student Aid) to qualify, complete the Direct PLUS Loan application and Master Promissory Note (MPN) PLUS Loan for Parents
  • Maximum amount is the cost of attendance (determined by the school) minus any other financial aid the student receives
  • You must not have an adverse credit history (unless you meet certain additional eligibility requirements) studentaid.gov/plus
  • ED is the lender; payment is owed to ED