Alternate Financing

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Alternate Financing

The interest rate for Parent Direct PLUS and the Graduate Direct PLUS is fixed at 7 percent with a loan fee of 4.276 percent of the principal amount charged for each Direct PLUS Loan you borrow.

Direct PLUS Loan for Parents is a loan in the parents’ name for dependent undergraduate students enrolled at least half-time in a degree program. It is not necessary to demonstrate financial need in order to receive a PLUS Loan, however the student must file a Free Application for Federal Student Aid (FAFSA). Filing the FAFSA may qualify the student for federal and Institutional aid. Approval for the PLUS Loan is based on good credit. The maximum PLUS Loan amount that parents can borrow on a yearly basis is the cost of education minus any other financial aid received.

Direct Graduate PLUS Loan is a loan in the student's name for graduate and professional studies. For a graduate or professional student to receive a Federal PLUS Loan they must file the Free Application for Federal Student Aid (FAFSA) that provides consideration for unsubsidized Federal Direct Loan. Approval for the PLUS Loan is based on good credit and the student being enrolled at least half-time in a graduate or professional degree program.

To apply for the Direct PLUS Loan or the Graduate Direct PLUS Loan, you need to:

  • File the Free Application for Federal Student Aid (FAFSA)
  • Sign in at using your FSA ID
  • If you do not already have a FSA ID, you can get one here.

  • Choose either PARENT PLUS (parents of dependent undergraduate students) or GRADUATE PLUS (graduate students only)
  • Complete a master promissory note if you are borrowing a Direct PLUS Loan for the first time.
  • If you have a co-signor for your PLUS, you must also complete PLUS Counseling


Should You Borrow a Private Loan?

Students should not consider borrowing private student loans until they have exhausted their maximum federal student loan eligibility. The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program.

You should consider a private loan if any of the following situations apply:

  • All federal loan options have been exhausted and additional funds are needed to meet the student's cost of education.
  • The student or parent is unable to borrow federal student/parent loans.
  • The student is responsible for financing his or her education, and he or she needs to borrow additional funds.
  • Funds are needed for a previous semester and it is too late to borrow federal loans. (Many private loans allow students/parents to borrow funds to repay overdue university charges from previous semesters).

Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. The criteria listed below will be reviewed periodically to determine if loan programs may be added to, or removed from, the list of programs.

  • Citizens Bank Student Loan                                                                         
  • Citizens Bank Parent Loan                                                                          
  • Lender: Citizens Bank                                                                                  
  • Interest Disclosure Information                                                              
  • Customer Service: 1-800-708-6684                                                         
  • Discover Student Loans                                                                                   
  • Lender: Discover                                                                                              
  • Interest Disclosure Information                                                                
  • Customer Service: 1-877-STUDENT                                                         
  • APPLY NOW                                                                                                         


Lender: New Hampshire Higher Education Loan Corporation
Customer Service:1-855-887-5430
Lender: Sallie Mae
Customer Service: 1-877-279-7172