Federal Direct Parent (PLUS) Loan

The amount you can borrow through the Parent PLUS Loan program is based on your student's cost of attendance minus any other financial aid they receive.

Starting July 1, 2026, you can borrow up to $20,000 per year, with a lifetime limit of $65,000 for each student. If your student's remaining educational costs are less than $20,000, you can borrow up to that lower amount.

For example, if the cost of attendance is $10,000 and your student gets $7,000 in other financial aid, you can borrow up to $3,000 with a PLUS Loan.

The Annual Student Loan Acknowledgment is a tool to help you understand how your loans will impact your financial future. It's not required, but we strongly recommend completing it online for your own benefit.

The parent must pass a credit check, which is valid for 180 days within the same academic year.

• If the parent doesn't pass the credit check, they may still get the loan if someone, like a relative or friend, agrees to be an endorser. This person promises to repay the loan if the parent can't.
• If the parent can't fix the credit issue or find an endorser, the student may qualify for up to $4,000 more in a Federal Unsubsidized Direct Loan.

The student must be enrolled in and attending at least six credit hours per semester and must file a FAFSA and meet federal eligibility requirements.

To apply, visit studentaid.gov. Log in using your (the parent's) FSA ID from the FAFSA.

During the application process, you'll be asked how much you want to borrow, so be sure to budget carefully. If the amount you request is more than the cost of attendance, we will give you the maximum allowed, but you don't have to take the full amount.

Keep in mind there may be delays depending on when the information is completed and received.

Applying for a PLUS Loan for Parents

Before the loan funds can be disbursed, the parent must complete a PLUS Master Promissory Note (MPN).

Loan funds are first used to pay off any outstanding balances on your student's account. Any remaining balance will be refunded, following Hawkeye's refund schedule, to the person you designated on the application form in one disbursement per semester. However, if the loan is for only one semester, the full loan will be split into two disbursements.

Parents can cancel all or part of the loan up to 14 days after the funds are disbursed.

Note: If the refund is sent to you as the parent borrower, your student will no longer be eligible for direct deposit of any future refunds.

Award Disbursement

Repayment for a Federal Parent PLUS Loan begins as soon as the loan is fully disbursed, with the first payment due within 60 days after the final disbursement.

However, you can request to defer repayment while your student is enrolled at least half-time. Keep in mind that interest will still accrue during this period. Contact your Federal Loan servicer to check if you qualify for deferment.

Depending on the repayment plan you choose, you'll generally have 10 to 25 years to repay the loan.

To find out who your loan servicer is, visit the Federal Student Aid website.

Parent PLUS Loan Repayment Plans