Parent Loan Information

Parents of dependent, matriculated students enrolled in at least six credits can apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS). Parent borrowers must have good credit histories or an endorser, someone willing to repay the loan if the parent borrower fails to do so.

The yearly limit on a PLUS is equal to the student's cost of attendance minus other financial aid received. The interest rate is fixed at 7.9% percent. There is a three percent (2.5%) fee charged by the government for processing the loan. This fee is deducted proportionately from each disbursement of the loan.

PLUS funds are disbursed to the school in two (2) equal installments, one at the beginning of the loan period and one at the midpoint of the loan period. The funds are first used to pay school charges and any remaining funds are refunded to either the student or parent.

To apply for a Parent (PLUS) Loan, you must complete the following steps:

  • Login to MyOswego
  • Click on Parent (PLUS) Loan menu item and follow ALL directions you will receive.  You will be instructed how to accept the loan, complete a Parent Data Form and complete a PLUS Master Promissory Note.