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 fees please visit:
  • You have the choice to begin repayment 60 days after the loan is fully disbursed, or to defer payment up to six months after the student graduates or ceases to be enrolled at least half-time.
  • To apply for the Parent PLUS loan, your parent must complete an application and a Master Promissory Note (MPN).

Important:  The credit check performed during the Parent PLUS loan application process is only valid for 180 days.