Understanding the Parent PLUS Loan
More information on Direct PLUS Loans for Parents can be found on U.S. Department of Education’s Federal StudentAid website. If you have more questions, please contact the Financial Aid Office.
What is a Parent PLUS Loan?
A Parent PLUS Loan is a federal loan to help parents pay for their dependent student’s education costs, covering gaps left by other financial aid.
When to Apply
Apply starting May for incoming and returning students to ensure processing by early July.
Disbursement
Funds are disbursed 10 days after the first day of class each semester.
Important Notes
Eligibility Requirements
Parent:
Student:
How to Apply for a Parent PLUS Loan
Complete FAFSA
Both parent and student must fill out FAFSA. Once completed, Earlham College will send a financial aid offer.
Calculate Loan Amount
Decide how much to borrow. You can request a specific dollar amount or the full amount you’re eligible for.
Starting in 2026–27, families borrowing a Parent PLUS Loan for the first time can borrow up to $20,000 per student per year ($65,000 lifetime). These limits apply to new borrowers only. If you borrowed a Parent PLUS Loan for this student before the 2026-27 academic year, you can continue under the previous limits.
We recommend requesting enough for the full academic year. You can adjust later if costs change. Questions? Reach out to the Financial Aid Office — we’re here to help.
Apply Online
After completing the application, receive instant approval or denial. Note: This approval or denial is not the same as Earlham College receiving your application. If
approved, our loan processor will start working on your application.
Sign the Master Promissory Note (MPN)
After approval, sign the MPN to agree to repay the loan.
If Denied
You will receive a letter explaining options.
Option 1: Pursue an endorser (someone who agrees to repay if you default). Please work with our loan processor for more details regarding this option.
Option 2: Request additional unsubsidized loan by having your student complete the Financial Aid Update Form.