Parents of students enrolled at least half-time are eligible to borrow a Federal Parent PLUS Loan. These loans carry a fixed interest rate of 8.5%. Parent PLUS Loans go into repayment 60 days after the loan is fully disbursed but payment can be deferred while the student is enrolled at least half-time. Because of the many benefits associated with federal loans, the Parent PLUS Loan is the recommended financing option for families after all other federal loans and payment plan options have been exhausted.
Parent PLUS Loans require a basic credit check. Parents can borrow up to the cost of education minus the financial aid that the student receives. These loans have 3-4% in fees which are subtracted from the loan at disbursement.
Students whose parents are denied a Parent PLUS Loan are automatically eligible to borrow additional Stafford Loan funds. Please contact the Financial Aid Office at 610-861-1330 for additional information.
Moravian Colleges Recommended Lenders for Federal Parent PLUS Loan
