1. Financial Aid & Loans
  2. Types of Aid
  3. Loans
  4. Parent and Graduate PLUS loans

Parent and Graduate PLUS loans

PLUS loans are for graduate or professional students, and parents of dependent undergraduate students. These loans can help pay for education expenses not covered by other financial aid.​ Interest rates and repayment provisions on PLUS loans are generally more favorable than other alternative loans available for educational expenses. 

To receive a PLUS Loan, you must:

  • Be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate, or
  • Be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school; and
  • Not have an adverse credit history; and
  • Meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements
     
  • Federal Direct PLUS loans have a fixed interest rate of 1.057% fee for both Direct Subsidized and Unsubsidized Loans and 4.228% for Parent and Grad PLUS loans for the fiscal year 2022.
  • Interest is charged from the date of the first disbursement until the loan is paid in full.
  • Submit the FAFSA and include the UNC Charlotte school code.
  • Log into StudentAid.gov. You will be prompted to obtain a FSA User ID and password. PLUS Parent Loan borrowers must sign in using their FSA User ID and not the student's.
  • Select Request PLUS Loan from the menu on the left.
  • Follow the steps to complete PLUS Loan application.
  • Complete the School and Loan Information Section.
  • Indicate the specific amount you wish to borrow.
    • Note: "The Office of Financial Aid cannot process a PLUS Loan application if no amount is provided. Please enter a specific amount or check the "maximum" option to cover up to the student's cost of attendance budget. If you do not know the amount you want to borrow, save the application and contact Niner Central to help determine the amount.
  • Select the Loan Period for the PLUS Loan.
  • Complete all sections of the Borrower Information.
  • The Department of Education will evaluate your credit and approve or deny the application. You will receive an immediate response.
  • If your credit is approved, you will be given instructions for completing a PLUS Loan Master Promissory Note (MPN) on StudentAid.gov, if you have not already completed one in the prior year. 
  • The Federal Direct Loan program will forward the approved PLUS Loan application to the Financial Aid Office to verify enrollment and eligibility. Please be aware it may take up to 48 hours for UNC Charlotte to receive your submitted application.
  • The federal government will send the "Notice of Loan Guarantee and Disclosure Statement" to you, the borrower.
  • The federal government will send loan disbursements to UNC Charlotte in accordance with the disclosure statement schedule.
  • If there are remaining funds available after University charges are paid, you can have these funds sent to you or your student for parent PLUS Loans.
  • The deadline to submit a 2021-22 PLUS Loan application on StudentAid.gov and ensure processing before the start of fall classes is July 27, 2021.
  • If your loan application arrives after the July 27th priority deadline, we will continue to process them in the order they are received, but we can't guarantee that you will receive the funds by the payment due date. 
  • Parents are also required to pass a credit check when they are applying for the PLUS loan.
  • If a parent's application for a PLUS loan is denied based on the borrower's credit history, the student may become eligible for an additional unsubsidized student loan.
    • If the PLUS Loan is credit denied, you may choose to obtain an endorser or provide documentation to the Department of Education to appeal the credit decision. 
    • Contact the Department of Education at 800-557-7394 to start the appeal or get detailed information regarding the endorser addendum. 
  • Parent and Graduate PLUS loan applicants who qualify for a Direct PLUS Loan by obtaining an endorser or due to a credit appeal decision, are  required to complete PLUS Loan Entrance Counseling at StudentAid.gov
  • You will indicate on the PLUS loan application how we will process your refund.
  • You have the choice to apply the refund to the student's account or have a check mailed to you, the parent.