Wichita State University
Parent Loans
Loans for Parents
Federal Direct Parent PLUS Loans
Federal Direct Parent PLUS Loans are federal loans available to parents of dependent undergraduate students. These loans help cover education expenses that are not met by other forms of financial aid. The loan is taken out in the parent’s name, and the parent is solely responsible for repayment.
New Parent PLUS Loan Borrowers (for loans disbursed on or after July 1, 2026) or Parent PLUS loan Borrowers of students who are not eligible for an interim exception
Beginning July 1, 2026, parents of dependent undergraduate students may borrow up to $20,000 per academic year through the Direct Parent PLUS Loan program, with a lifetime borrowing limit of $65,000 per student.
The loan is issued in the parent’s name—not the student’s—and the parent is solely responsible for repayment. Eligibility is determined based on a credit review.
Interim Exception for Parent PLUS Loan Borrowers (for continuing students with loans disbursed before July 1, 2026)
Parents of a dependent undergraduate student who previously borrowed a Direct Subsidized or Unsubsidized Loan before July 1, 2026, may continue to borrow under the same terms for the remainder of their student’s published program completion date, completion of the degree program, withdrawal from a term, or up to three additional academic years—whichever comes first.
Parents can borrow any amount needed (up to the cost of attendance minus other financial aid or resources) for each dependent student enrolled. The Direct Parent PLUS Loan is taken out in the parent’s name, and the parent is solely responsible for repayment. Eligibility is determined through a credit review.
For Interim Exception eligibility, accepted transfer credits will be included in the calculation of a student's expected time to earn their credential/degree for purposes of determining a student's eligibility for the interim exception/legacy status.
Processing Times
PLUS Loan certification requests are reviewed in the order they are received.
- Standard processing: 2 to 4 weeks
- Peak processing periods (July-August and December-January): 4 to 6 weeks
- Incomplete applications: May require additional processing time and could result in delays
FAQs and Other Steps for Parent PLUS Loans
Eligibility
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You must be the parent (biological, adoptive, or in some cases, stepparent) of a dependent, undergraduate student.
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Your student must be admitted in full-standing as a degree-bound undergraduate student.
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Your student must enroll at least half-time in undergraduate-level coursework (6 credit hours each semester).
- You (the parent) and your student must be a U.S. citizen, permanent resident of the U.S., or permanent resident of an eligible trust territory.
- You (the parent) must not be in default on any student loans and must not owe a refund on any Title IV Program, such as a Pell Grant, FSEOG, Federal Perkins Loan, Federal Work Study, Federal Subsidized Direct Loan, Federal Unsubsidized Direct Loan, Federal PLUS Loan or Consolidation Loan.
- Your student must be maintaining Financial Aid Satisfactory Academic Progress toward their degree.
- Your student must have a valid and complete FAFSA on file for the academic year.
- You (the parent) must not have an adverse credit history. You can have an eligible co-signer on your loan, if needed.
- You (the parent) must complete a Master Promissory Note (MPN) for a PLUS Loan PRIOR to the disbursement of your loan.
Interest Rates & Fees
Interest rates are set by federal regulation, effective as of July 1 of the academic year. There are no application fees to apply for a Direct Parent PLUS Loan.
Current fixed interest rates are:
| Type of Loan | Interest Rate* | Origination Fee* | Interest Type |
Accrues Interest During School/Grace Period |
|---|---|---|---|---|
| Direct Parent PLUS Loan |
On or After 07/01/2026: 9.07% |
Before 10/01/2026: |
Fixed | Yes |
*Due to the Sequestration of Federal Student Aid Programs, interest rate and origination fees may be subject to change.
How to Apply
- For the 2026-2027 Academic Year, parents may begin applying on May 1, 2026.
- Complete the Federal Direct Parent PLUS Loan Application online at studentaid.gov. You will need your FSA ID to log into the website.
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You will get a credit decision immediately. If approved, you will also need to complete a Loan Agreement for a PLUS Loan (MPN) at studentaid.gov.
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The application will be sent to Wichita State with either the approval or denial* noted.
- Certifying approved PLUS loans for the upcoming academic year will begin in July and will take up to 4 weeks for processing. Students must be enrolled for the loan to be certified and processed. After the loan is processed, students will be able to see the loan amount on their Financial Aid Dashboard.
Loan Agreement (MPN)
After you are approved for a Federal Direct Parent PLUS Loan, our office will continue the loan process by submitting the accepted Federal Direct Loan information to the Federal Common Origination and Disbursement (COD) system for origination.
An entrance counseling session is required and a valid Loan Agreement for a Parent PLUS Loan (MPN) must also be on file with the COD before our office can make any Federal Direct Parent PLUS Loan disbursements to you.
After you have successfully completed your Loan Agreement for a Parent PLUS Loan (MPN), any future Federal Direct Parent PLUS Loan offers that you accept will be linked to your original, completed MPN. This MPN is valid for up to 10 years from the date the first loan disbursement was made.
Repayment Information
- Parent PLUS Loan repayment begins within 60 days after the final disbursement of the loan.
- A Parent PLUS Loan may be deferred as long your student is enrolled at least half-time (and for an additional six months after your student ceases to be enrolled at least half time), but interest will still accrue and you will need to complete additional paperwork with your Parent PLUS Loan Servicer to defer the loan. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will contact you when your first payment is due.
- The minimum monthly payment is $50, and the repayment term is up to 10 years.
- You can pre-pay the loan in whole or part without penalty.
What if I'm Denied a Parent PLUS Loan?
If a parent borrower is unable to secure a PLUS loan, the dependent, undergraduate student will automatically be offered additional unsubsidized loan funds to help pay for his or her education.
Below are the maximum additional funds that can be borrowed by your student in addition to their current financial aid:
- Students with less than 60 credit hours earned (Freshman/Sophomores) – up to $4,000/academic year
- Students with 60 credit hours or more earned (Juniors/Seniors) – up to $5,000/academic year
Alternative Loans for Parents
Alternative loans are available to parents who to help pay for their student's education expenses not covered by other financial aid. Your eligibility is determined by the cost of attendance minus other financial aid/resources, and/or the annual loan maximum amount determined by your loan lender.
Because alternative loans are not guaranteed by the federal government, they must be insured privately. In most case, this extra cost is passed to the borrower in the form of higher fees and interest rates. In addition, the lender will review your credit history, as well as other factors, to determine whether or not they will lend to you. You may be denied by one lender and approved by another because of the different ways they interpret your information.
How to Apply
Before you borrow a private parent loan, your student should contact the Office of Financial Aid to speak to an advisor about an Authorization for Certification of Alternative Loan Prior to Direct/PLUS Loan Certification.
Wichita State does not endorse any specific loan lenders; however, we offer a list of lenders that students have used over the past 2 years. This list provides some comparison information for interest rates and terms, but we encourage to be diligent in your search for the best loan for you.
You may select another lender, but be advised that delays may occur as some other lenders do not process with us electronically.