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PLUS Loan Information – For Parents

Parents of dependent students can take out loans to supplement their childrens’ aid packages. The federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. There is no cumulative limit.

PLUS Loans have a fixed interest rate of 8.5% for loans with a first disbursement after July 1, 2006. The interest is not subsidized while the student is in school. The PLUS loan charges loan fees of 4%, deducted from each disbursement check.

Repayment begins 60 days after the funds are fully disbursed, and the repayment term is up to 10 years. There is no grace period as there is with the Stafford Loan program.

To apply for a PLUS loan, one does not need to submit the Free Application for Federal Student Aid (FAFSA). Instead, one of the parents submits a loan application and signs a master promissory note.

Eligibility for the PLUS loan depends on a modest credit check that determines whether the parent has an adverse credit history. An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off.

The parent applying for the PLUS must also meet general requirements (in addition to the student meeting requirements) in order to be eligible to receive the loan.  Some of these requirements include:

• The parent and student must be a citizen or eligible noncitizen
• The parent and student cannot be in default on a federal student loan
• The parent and student cannot owe a refund on any federal student aid program
• The student must meet satisfactory academic standards

To apply for a PLUS loan, please click on the link below:

https://asadirect.amsa.com/ewp/login/borrowerlogin.asp?i=dutchess 

If you would rather not apply online, please contact Dutchess Community College’s guarantor; American Student Assistance (ASA) at (800) 999-9080 to have a paper PLUS loan mailed to you.    

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Comments and questions about this page can be directed to the Office of Financial Aid.

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