Office of Financial Aid

Parents of a dependent undergraduate student are eligible to borrow under the Federal Direct Parent Loan for Undergraduate Students (PLUS) program, pending credit check approval by the U.S. Department of Education. You must be enrolled at least 6 credit hours to receive a Parent PLUS loan. An approved parent can borrow up to the total Cost of Attendance (COA) minus all financial aid and other resources received by the student. The PLUS Loan is an unsubsidized loan, meaning the borrower will be charged interest from the time the loan is disbursed until it is paid in full. Repayment begins 60 days after the loan is fully disbursed. This means that repayment will begin while the student is still in school. However, under certain circumstances, you can receive periods of deferment or forbearance that allow you to postpone loan repayment. These periods don’t count toward the length of time you have to repay your loan. For more information visit the U.S. Department of Education website.The interest rate for Direct PLUS loans is fixed at 7.9%. There is a net 2.5% origination fee (4% origination fee with a 1.5% rebate).

PLUS Application

To be considered for a PLUS Loan, a PLUS Application must be completed by a parent and student and submitted to the OSFA. A FAFSA is highly recommended, but not required.

Master Promissory Note (MPN)

When borrowing through the Direct PLUS Loan program, the parent who borrows must sign a Master Promissory Note (MPN) agreeing to pay back the loan, with interest, according to the terms of the program. The appropriate parent must complete the MPN here. If your parent received a PLUS Loan at UIC during the 2004-2005 school year or later, an MPN was signed so that parent borrower should not have to sign another promissory note for the PLUS Loan program at UIC.

Financial Aid

Federal Direct Parent PLUS Loan

PLUS Application

Master Promissory Note (MPN)