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Seton Hall University

Direct Parent PLUS Loans

The U.S. Department of Education offers a loan program called the Direct Parent (PLUS) Loan. Parents can borrow a Parent PLUS Loan to help pay your education expenses if you are a dependent, undergraduate student. You must file a FAFSA and be enrolled at least half-time in an eligible program at an eligible school. Parents must be creditworthy to receive the loan.

The Facts Regarding Parent PLUS loans:

  • The annual borrowing limit on a Parent PLUS Loan is equal to your Estimated Cost of Attendance minus any other financial aid you receive.
  • Parent PLUS loans are the financial responsibility of the parents, not the student.
  • The Parent Plus Loan interest rate is fixed. Interest is charged on a Parent Plus Loan from the date of the first disbursement until the loan is paid in full. For current interest rates please visit
  • The Parent PLUS Loan requires an origination fee. For current rates please visit
  • There are two repayment options available for the Parent PLUS loan: either 60 days after the loan is fully disbursed or to begin repayment six months after you graduate or cease to be enrolled on at least a half-time basis.
  • To apply for the Parent PLUS loan, your parent must complete a Master Promissory Note (MPN) and a loan application by visiting the Direct loan website.

Important:  Because the credit check performed during the Parent PLUS loan application process is only valid for 90 days, we recommend that families do not complete a Parent PLUS loan MPN until after July 1.

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