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Parent Borrower Alternative Loan Options

Information for Parents

Parents of dependent students have both federal and private parent loan options. Parents who wish to borrow on behalf of their independent students have only private parent loan options. 

Federal Direct Parent Plus

  • Parent is responsible borrower - never turns into student loan
  • Fixed interest rate - 7.54 % and a loan processing fee of 4.228% for 2022-23
  • Student must have valid FAFSA on file and have completed verification if selected
  • Lender is the Department of Education

PLUS Loan applications for Summer semester are now available

Click Here to Apply for the Federal Direct Parent PLUS Loan 

Private Loan Options for Parents

ElmSelect is a neutral private-loan platform to assist parents in comparing  This list is not all-inclusive. Comparing lenders on this list may be helpful in determining common loan terms, interest rates, borrower benefits, repayment terms, etc.

Click Here to Access ElmSelect Private Parent Loan Options

Important Notes

  • All "education loans", including private parent loans are regulated by the federal government.
  • Per federal regulations, a student may not receive more financial aid, including private parent loans, than the designated "Cost of Attendance". Please refer to your student's financial aid award notice for Cost of Attendance detail.
  • Private education loans are disbursed in the same manner as federal financial aid.