Loans for Parents

Federal PLUS Loan

PLUS (Parent Loan for Undergraduate Students) Loans are available to cover the difference between the cost of attendance and financial aid.

• Borrower must be a U.S. citizen or eligible non-citizen.
• For the 2023-24 academic year the fixed interest rate is 8.05% with an origination fee of 4.228% (deducted from each loan disbursement). Interest begins to accrue on the date of the first disbursement.
• Borrower must pre-qualify by passing a credit check. Once approved, the credit check is good for 180 days. Borrowers may begin the application process after April 1.
• If a parent’s application is denied, the parent may re-apply with an endorser. As an alternative, the student is eligible to borrow an additional unsubsidized Direct Loan in the amount of $4,000 for 1st and 2nd year students, $5,000 for 3rd and 4th year students.
• Repayment begins within sixty days after the loan has fully disbursed. A parent may request a deferment to postpone repayment for up to six months after the student graduates or drops below half-time enrollment.

PLUS Loan application requirements:

• Free Application for Federal Student Aid (FAFSA) - completed by student
• Direct PLUS Loan Application
• Direct PLUS Loan Master Promissory Note
• 2023-24 Hamilton College Direct PLUS Loan Request Form

Alternative Loans

A small number of families obtain private educational loans through lenders of their choice.  Students will require a co-signer to secure an alternative loan. Families should compare rates, benefits and repayment options offered by various lenders.

• Parents, students, family members, or other individuals may borrow a private educational loan for up to the difference between the cost of attendance and financial aid.
• Borrower, co-signer, and student must be a U.S. citizen or eligible non-citizen.
• Borrower can choose from fixed or variable interest rates.
• To obtain the loan, applicant and/or co-signer must satisfy credit requirements.
• Most do not charge an application or origination fee.
• For additional information, please contact the Office of Financial Aid.
   

For more information, please see financing options and loans for students.