Parent Plus Loan
Parent PLUS Loan
College of the Canyons also participates in the PLUS loan program funded by the federal government. Parent PLUS loans were created by the federal government to help parents or stepparents pay for their dependent students college costs, including tuition, fees, books, housing, food and reasonable transportation expenses. PLUS loans are not based on a family's income or assets and parents can borrow up to the total cost of education, minus any financial aid the student will receive. The student must be enrolled at least half time and be making satisfactory academic progress (Eligibility & Academic Standards).
The parent who applies for the PLUS loan must be a U.S. citizen or an eligible non-citizen, have a valid Social Security Number, not be in default on a federal loan, not be liable for a grant or Federal Perkins Loan overpayment and not have an adverse credit history.
The interest rate for a PLUS loan disbursed on or after July 1, 2024 and prior to July 1, 2025 is fixed at 9.08%. The interest rate for a PLUS loan disbursed on or after July 1, 2023 and prior to July 1, 2024 is fixed at 8.05%. The interest rate for a student and parent PLUS loans are listed online on studentaid.gov/interest-rates.
The federal government charges a 4.228% origination fee for loans disbursed after October 1, 2020 and before October 1, 2025. This fee is automatically deducted from each disbursement of the PLUS loan. The loan fees for a student and parent PLUS loans are listed online on studentaid.gov/interest-rates.
Interest begins to accrue immediately and repayment starts within 60 days of the loans last disbursement. The borrower will have up to 10 years to repay a PLUS loan. The borrower may choose to postpone interest payments, but any accrued interest will be added to the original loan amount (capitalization).
The student must first complete a FAFSA in order for the parent(s) to be considered for a PLUS loan.
How To Apply for a Parent PLUS Loan
STEP 1: Complete Parent PLUS Loan Application ONLINE
First, complete a MANDATORY Parent PLUS Loan Application ONLINE. This is required each academic year you request a Parent PLUS Loan.
Click here to complete Parent PLUS Loan Application
STEP 2: Submit a Parent PLUS Loan Activation Request Form
Next, complete the Parent PLUS Loan Activation Request Form. Submit completed Parent PLUS Loan Activation Request Forms to the Financial Aid Office at College of the Canyons located in Canyons Hall, 1st floor or by fax (661)362-5617. Mailing Address: College of the Canyons Financial Aid Office, 26455 Rockwell Canyon Road, Santa Clarita, CA 91355.
Parent PLUS Loan Activation Request
STEP 3: Complete Master Promissory Note ONLINE
Wait 5 business days AFTER finishing Steps 1 and 2 above. Then, complete the Master Promissory Note (MPN) online. You will be signing your MPN online with your FAFSA Personal Identification Number (PIN).
Parent PLUS Loan Disbursements
Beginning with the Fall 2023 term, Parent PLUS Loans will be disbursed to the student's Parent using BankMobile Disbursements, a technology solution, powered by BMTX, Inc. For more information click here.
In order to receive the loan disbursement on the published date you must complete steps 1-3 of the loan application process 10 business days before the published disbursement date.
Loan disbursement dates CLICK HERE
Loan Application Deadlines
Parent must complete steps 1, 2 AND 3 of the loan application process prior to the published deadline. Parents who fail to complete the loan application steps or complete the steps after the published deadline will not awarded or disbursed Parent PLUS loans. There are no exceptions or extensions to the published deadline.
Loan Period | Loan Application and Parent PLUS Loan Activation Request Deadline | MPN Deadline |
Fall 2024 Only | November 15, 2024 | November 22, 2024 |
Fall 2024 and Spring 2025 | May 23, 2025 | May 30, 2025 |
Spring 2025 Only | May 23, 2025 | May 30, 2025 |
Summer 2025 | July 25, 2025 | July 31, 2025 |
Fall 2025 Only | November 20, 2025 | November 26, 2025 |
Fall 2025 and Spring 2026 | May 14, 2026 | May 21, 2026 |
Spring 2026 Only | May 14, 2026 | May 21, 2026 |
Summer 2026 | July 23, 2026 | July 30, 2026 |