Loans for Parents

What is a PLUS Loan?

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses not covered by other financial aid. Wichita State University is a participant of the Direct Loan program making Direct PLUS Loans available through the Department of Education for parents. A parent may borrow as little or as much as they may need for each dependent child enrolled in school (up to the cost of education minus financial aid). A PLUS loan is a loan in the parent’s name.

Interest Rates & Fees
  • A Direct PLUS Loan has a fixed interest rate of *7.6% on or after July 1, 2018.

  • There is no application fee.

  • Loan fees may consist of origination fees up to *4.264%.

*New loan disbursed on or after October 1, 2018, will have a loan origination fee of 4.248%.*

**Due to the Sequestration of Federal Student Aid Programs, interest rate and origination fees may be subject to change.**

  • Must be the parent (biological, adoptive, or in some cases stepparent) of a dependent undergraduate student enrolled at least half-time

  • Must have a FAFSA on file for the appropriate aid year

  • Student/Parent must be meeting general eligibility requirements for federal student aid

  • This includes the student making Satisfactory Academic Progress

How to Apply
  • For the 2018-2019 Academic Year, parents may begin applying on May 1st, 2018.

  • Complete the Federal Direct Parent PLUS Loan Application online at You will need your FSA ID to log into the website.

  • You will get a credit decision immediately, if approved you’ll also need to complete a Master Promissory Note (MPN) online while on

  • The application will be sent to Wichita State with either the approval or denial* noted.

What if I'm Denied a PLUS Loan?

If a parent borrower is unable to secure a PLUS loan, the dependent undergraduate student will automatically be packaged with 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 awards:

  • Students with 59 credit hours or below (Freshman/Sophomores) – up to $4000/academic year
  • Students with 60 credit hours or more (Juniors/Seniors) – up to $5000/academic year


Your Direct PLUS Loan begins repayment within 60 days after the final disbursement of the loan. However, you may contact your loan servicer to request a deferment:

  • While you or your child are enrolled at least half-time and
  • For an additional six months after your child ceases to be enrolled at least half-time.

If your loan is deferred, interest will accrue on the loan during the deferment period. 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.