Federal Plus Loans

Parent Loan for Undergraduate Students

Parents of dependent students can take out loans to supplement their student's 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. PLUS loans are credit based and are the financial responsibility of the parents, not the student.

PLUS loans have a fixed interest rate of 7.54% for the 2022-2023 Academic Year. Repayment begins after the funds are fully disbursed unless a deferment is requested during the loan application process. Generally, the parent will have 10 to 25 years to repay the loan, depending on the selected repayment plan.

If a parent is denied a PLUS loan, the lender will contact UMHB within 48 hours and the student's award will be recalculated to include a Federal Unsubsidized Stafford Loan up to a maximum of $4000 for first and second-year students. Students who are in their third year or greater are eligible for up to a maximum of $5000.

National Student Loan Data System (NSLDS)

In accordance with U.S. Department of Education regulations (HEOA 489 amended HEA Sec.485B) a student’s Title IV loan information is submitted to the National Student Loan Data System (NSLDS). Authorized agencies, lenders, guarantors, servicers and institutions have access to this information.