ASU - Financial Aid & Scholarships - Leadership Defined

Federal PLUS Loan (for parents)

What are Federal PLUS Loans?

Federal PLUS Loans enable parents of dependent students with good credit history to borrow for each daughter or son who is enrolled at least half time. Plus loan eligibility is not based on financial need. So these loans are made regardless of income level and are offered by banks, savings & loans, credit unions, etc. Parents must pass a credit check with the lending institution of their choice to be eligible.

How Much Can Be Borrowed?

Parents may borrow up to their student's total cost of attendance less other financial aid received such as grants and scholarships. The total cost of attendance is determined by the Office of Financial Aid based on an average cost for tuition, books, room and board, travel, and miscellaneous expenses for the academic year. It is important that each family fully understand how a PLUS Loan will impact them financially. Generally, one should not incur debt that results in total monthly payments exceeding 50% of your monthly gross income.

Interest Rates

The interest rate is a fixed rate of 8.5%
How to obtain a PLUS:

  1. Contact the lender of your choice to begin the PLUS process. Please click here for a list of commonly used lender.
  2. The parent and student complete the application and submit it to their lender.
  3. Parent and student must also fill out the PLUS Loan Questionnaire and return it to the financial aid office. Click on the appropriate academic year if more than one academic year exists. 

Steps to follow if you are Denied a PLUS loan:

  1. If you have not already completed the Free Application for Federal Student Aid (FAFSA) for the current academic year, you must do so. The FAFSA can be filled out on-line at www.fafsa.ed.gov, or via paper copy from the ASU department of Financial Aid and Scholarships.
  2. The student will need to request an Unsubsidized loan in writing and submit to the Financial Aid and Scholarship Office with the following information: Name, Social Security Number or ID number, and Student's signature.  Students will need to identify the lender of their choice to pursue this option.