For those parents with dependent undergraduate children who are enrolled
at the Institute, Parent PLUS Loans are available and are funded directly from the U.S. Department of Education. PLUS Loans allow parents to borrow
on behalf of their dependent undergraduate children and are able to borrow amounts that cover the partial or 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.
- Interest rate is currently 7.9% for the 2012/2013 award year.
- Parent may only apply for the amount of tuition not covered by
other aid. (Not to exceed the total cost of tuition)