Our parent PLUS loan calculator estimates your monthly payment and total cost over multiple years of borrowing. It also shows any shortfall that you would need to cover another way.
Before you borrow a parent PLUS loan, know that loans disbursed on or after July 1, 2026, come with new borrowing caps and fewer repayment options. Our calculator lets you select when you borrowed to see results that pertain to you.
What to know about changes to parent PLUS loans
Parent PLUS loans made on or after July 1, 2026, work differently from older ones. Knowing how can help when using the calculator and deciding whether to take out a new PLUS loan.
Borrowing limits. New parent PLUS loan caps let you borrow up to $20,000 a year and $65,000 in total for each dependent. Limits apply collectively if both parents take out PLUS loans for the same child.
Interim exception rule. If you or your child received a federal Direct Loan for their current program before July 1, 2026, you fall under an exception rule. You can still borrow up to the cost of attendance for three years or until your student finishes school, whichever is first.
Repayment term for loans taken out on or after July 1, 2026. New parent PLUS loans can be repaid only on the Tiered Standard plan, which has a repayment period of 10 to 25 years, depending on your total Direct Loan balance. If you take out a new parent PLUS loan, any previous parent PLUS loans move to the tiered standard plan too.
Repayment term for loans taken out before July 1, 2026. Old parent PLUS loans have a 10-year term under the Standard plan. They also qualify for the Graduated plan (up to 10 years) and the Extended plan (up to 25 years). If the loans were consolidated before July 1, 2026, they also qualify for Income-Contingent Repayment (ICR) and Income-Based Repayment (IBR), with forgiveness of the remaining balance after 20 or 25 years of qualifying repayment.
Forgiveness. Older parent PLUS loans could qualify for income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF) through consolidation. If not consolidated before July 1, 2026, they no longer qualify and neither do new loans.
How to use the parent PLUS calculator
Parent PLUS loans have a fixed federal interest rate that’s set each year. The Department of Education (ED) also deducts an origination fee from each disbursement, so your student’s school receives less than the amount you borrow. The current interest rate and fee are built into our parent PLUS calculator, so you won’t be asked to enter those. Here's the information to enter.
1. Whether your student already had federal loans for their program. Answer yes if, as of June 30, 2026, your student was enrolled in their current program and had received a federal Direct Loan for it, either their own loan or a parent PLUS loan. If so, the old borrowing limit applies for up to three more school years, as long as your student stays in that program.
2. When you want to start paying. You can start right away or defer payments if you request it. Payments can be postponed as long as your student is in school at least half time and for six months after. If you delay, interest keeps building and is added to your balance when payments start, which raises your total cost.
3. The estimated amount you will need annually. Start with your school’s cost of attendance this year and subtract grants, scholarships, your student’s own loans and anything you plan to pay out of pocket. The calculator adds enough to cover the origination fee. Enter your full estimated amount, even if it's more than the annual borrowing limit.
4. The number of years you will need to cover. The calculator caps each year at the limit and shows any gap you will have. That can help you plan to pay another way, such as through private student loans. The limits apply to each student, so if you're borrowing for more than one child, run the calculator once for each.
5. The amount of any federal Direct Loans you already owe. If you take out a new parent PLUS loan, your repayment term is based on everything you owe in federal Direct Loans, not just your new loan. A larger total will result in a longer term and more interest paid overall.
6. Parent PLUS loans already borrowed for this student. Enter the full amount you or another parent originally borrowed, even if some is paid off. All parent PLUS loans (even those borrowed before July 1, 2026) count toward the $65,000 limit. Leave this blank if there are none.
Review your calculator results
Your calculator results will show you details about the following:
Your estimated monthly payment for the first year.
Your estimated monthly payment when all loans are in repayment.
The amount the school receives.
Your repayment term.
The total cost of origination fees.
Any shortfall you will have.
Total interest you will pay.
How much deferring repayment will increase your interest cost.
Who is eligible for a parent PLUS loan?
Eligibility is one aspect of parent PLUS loans that hasn’t changed. Here’s who can qualify for a PLUS loan.
You’re the parent of a dependent undergraduate. That includes biological and adoptive parents and, in some cases, stepparents. Grandparents and legal guardians don’t qualify, unless they’ve legally adopted the child. Also, the student must be enrolled at least half time at an eligible school.
You and your student meet federal aid requirements. You must both meet the general eligibility requirements, such as being a U.S. citizen or eligible noncitizen with a valid Social Security number.
You don’t have an adverse credit history. There’s no minimum credit score required to get a parent PLUS loan, but the ED does check your credit for adverse history. An adverse history can be things like having accounts that are 90 or more days delinquent or a past loan default or bankruptcy.
If an adverse credit history prevents you from getting a parent PLUS loan, you have a few options. You can have someone with good credit act as an endorser, kind of like a co-signer. That person will pay back the loan if you can’t, and they can’t be the student you’re borrowing for. You can also file an appeal at studentaid.gov with documents explaining your circumstances. You’ll also need to complete PLUS credit counseling.
The steps to apply for a parent PLUS loan
File the Free Application for Federal Student Aid (FAFSA) first. You and your child both need to complete it.
Complete the Direct PLUS loan application on studentaid.gov. It takes about 20 minutes and must be completed in a single session. You’ll need your FSA ID, requested loan amount, the school’s name, student information and your employer’s information.
Wait for the credit check. If you’re approved, the funds go directly to your child’s school. Also, before applying, if you’ve placed a security freeze on your credit profile, make sure to remove it at each credit bureau.
Request in-school deferment, if you want it. Deferment is not automatic. You must request it on your application or through your loan servicer.
When to use parent PLUS loans
With lower limits and fewer repayment options, parent PLUS loans offer less than they once did. They also have the highest interest rate of all federal student loans. Before getting a parent PLUS loan, make sure you’ve maxed out your student’s federal loans. Those loans have lower rates than parent PLUS loans and offer access to IDR that PLUS loans don’t.
Parents with strong credit should compare private student loans before taking a parent PLUS loan, because a private loan may have a lower interest rate. For parents with a low credit score, or those who want federal protections like death and disability discharge, a parent PLUS loan may be a more realistic choice.
Do you have to pay parent PLUS loans while your child is in school?
What credit score do you need for a parent PLUS loan?
How is a parent PLUS loan repaid after July 1, 2026?
Can a parent PLUS loan be transferred to the student?
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