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Washington and Lee University

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Loans for Parents

Parent PLUS Loan

Federal Parent PLUS loans are non-need based loans that help parents and guardians borrow up to the cost of attendance for their undergraduate dependent children. 

  • Eligibility for the PLUS Loan requires both the student and the parent to be U.S. citizens or eligible non-citizens. 
  • A modest credit check is required for the parent or guardian who is borrowing the loan. 
  • Interest rate fixed at 7.9% 

 To borrow the Parent PLUS loan, please follow the steps below.

  • Review your Financial Aid Award Letter to determine the amount of Parent PLUS loan eligibility.
  • Complete and return the 2013-14 Parent PLUS Loan Borrower Information Sheet that you received from the Financial Aid Office. If you do not have the form, a blank one is available here.
  • Complete the Parent PLUS Loan Master Promissory Note (MPN) on the Direct Loan website.
    You will use your FAFSA PIN to electronically sign the MPN.