Parent PLUS Loans

Federal Parent PLUS Loans help parents and guardians with good credit borrow up to the cost of attendance minus other financial assistance for their undergraduate children. Parent PLUS Loan funds can be used for tuition, supplies, housing, and more. The current interest rate for Parent PLUS loans disbursed on or after July 1, 2026 and before July 1, 2027 is 9.07%. The origination fee (taken from the loan prior to disbursement on the Lakeshore Student Account) for Parent PLUS loans after October 1, 2020 is 4.228%.

Parents who apply for a Parent PLUS loan but have adverse credit may receive a Parent PLUS loan if the parent obtains an endorser without adverse credit and completes Parent PLUS counseling. Credit checks are good for 180 (formerly 90) days and consider the past 2 (formerly 5) years.

How Do I Get Started?

  1. The student and parent must complete the FAFSA.
  2. Parents will also need to complete a Master Promissory Note (MPN) for Parent PLUS Loans. The MPN is a legally-binding contract between the Department of Education and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.
  3. For more information about the Parent PLUS loan, click here.