Parents

Interest rates for all Federal Student Loans are set annually in June by Congress. For details about the current year, please go to: https://studentaid.gov/

A Parent PLUS loan is helpful if the amount of aid your student receives does not cover the total cost of their attendance at MSU.

Only biological parents, adoptive parents, stepparents and grandparents may take out PLUS loans. Students with legal guardians and no living parents or who are in the foster care system qualify as independent students and do not qualify for the Parent Plus Loan.

No. As the name implies, this is a loan for parents, and it is in their name. 

Only biological or adoptive parents and stepparents may take out PLUS loans. Students with legal guardians and no living parents qualify as independent students.

You may borrow up to the full cost of attendance (annually). There is no aggregate limit on the amount you may borrow during the time your student is in school.

You may either make payments while your child is in school or defer the payments until their graduation. But be aware that deferring will accrue interest. You can choose to pay off the interest during deferment, or you can wait to pay interest and principle until graduation.