Parent Plus Loans

Parents may borrow a Federal PLUS loan to assist with educational expenses. The interest rate is a fixed 8.05%.  Federal Direct Parent PLUS Loans also have a Default Insurance Fee of 4.228% for loans disbursed after October 1, 2022.  The Default Insurance Fee is deducted from the requested loan amount before the funds are disbursed to the institution.  For additional information visit  Student Aid on the Web.

  • Parent is responsible for repayment of the loan.
  • Repayment begins up to 60 days after disbursement of the entire loan amount.
  • Borrower must meet minimal credit requirements (no adverse credit).
  • If a parent is denied a PLUS Loan based on adverse credit a student may become eligible for an additional unsubidized Federal Stafford Loan.  Please contact the Financial Aid Office for more information.


To receive a Federal Direct Parent PLUS loan at Carroll College, the following conditions need to be met:

  1. The student must have the processed results of the FAFSA (Free application for federal student aid) received at Carroll College.
  2. The student must be accepted for admission as a degree-seeking student at Carroll College.
  3. The student must have accepted their financial aid award.
  4. The student must be enrolled for at least half-time (6 or more credits).
  5. The student must be a dependent student.
  6. Federal Direct PLUS Loan Master Promissory Note must be on file for the borrower.
  7. Federal Direct PLUS Loan Application must be completed each year.


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Title IV HEA Federal student and/or parent loans are submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.