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, 2022 and prior to July 1, 2023 is fixed at 7.54%. 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, 2024. 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 2022 Only | November 18, 2022 | November 25, 2022 |
| Fall 2022 and Spring 2023 | May 12, 2023 | May 19, 2023 |
| Spring 2023 Only | May 12, 2023 | May 19, 2023 |
| Summer 2023 | July 21, 2023 | July 28, 2023 |
| Fall 2023 Only | November 17, 2023 | November 24, 2023 |
| Fall 2023 and Spring 2024 | May 10, 2024 | May 17, 2024 |
| Spring 2024 Only | May 10, 2024 | May 17, 2024 |
| Summer 2024 | July 19, 2024 | July 26, 2024 |