Parent PLUS Loans

A Federal Parent Loan for Undergraduate Students (PLUS) is a low-cost federal education loan for parents. Through this program, your parent may borrow an annual amount up to your cost of attendance less financial aid. The PLUS Loan offers excellent repayment terms and a fixed interest rate of 8.5% and a 3.0% origination fee. The 3.0% fee is deducted from the amount borrowed before the college receives the funds. Some lenders offer additional benefits.

To assist families with choosing an educational lender for Stafford, PLUS and alternative loans, please see our Preferred Lender List and Loan Comparison Tools at Elm Select or our SimpleTuition site to view our preferred lenders. For an understanding of how lenders are selected for recommendation to DelVal students and their families, please see our institutional statement on this subject.

For new federal PLUS Loan borrowers The Financial Aid Office recommends applying for the full-year rather than on a per semester basis. Current Borrowers should reapply after receiving the student financial awards. By waiting until the package is received, you'll know the total amount you'll need to borrow to cover annual expenses. The Financial Aid Office recommends applying for the full year rather than on a per-semester basis.

Parents may wish to apply with a paper PLUS Loan application. Please call or email the Financial Aid Office to request the paper application at either 215-489-2272 or .

Advantages of the PLUS Loan include:

• Qualifications for a PLUS are based solely on good credit, and there are no debt-to-income ratio or employment verification requirements.
• The maximum amount you may borrow is equal to the cost of attendance minus other financial aid (Pease note: the cost of attendance includes the estimated expenses for books, transportation and personal, not just billable charges).
• Flexible repayment terms with up to 10 years to repay the loan and a forbearance option allowing the parent to make interest-only payments or no payments for up to four years while the student is enrolled.
• Interest may be tax deductible.
• Payments may be as low as $50/month.
• There is no penalty for early repayment or payoff.
• If the PLUS loan is denied, the student is eligible to borrow additional unsubsidized Stafford Loan Funds.
• Provides a built-in insurance for death and disability that applies to both the borrower and the student at no additional cost.
• You may opt to do a combination of both the PLUS Loan and the TuitionPay Payment Plan.
• If your parents are denied the PLUS Loan, you, the student, are eligible to borrow additional funds through the unsubsidized Stafford Loan program ($4000/year for freshmen and sophomores and $5,000/year for juniors and seniors).