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).

Who is eligible for a Parent PLUS Loan?

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 parent must be the biological parent of the dependent undergraduate student.  Note: Grandparents, relatives and legal guardians are not eligible to receive parent PLUS loans, even if they have primary responsibility for raising the student.

What are the interest rates for Parent PLUS Loans?

The interest rate for a student and parent PLUS loans are listed online on studentaid.gov/interest-rates.

What are the fees associated with Parent PLUS Loans?

The federal government charges a 4.228% origination fee for loans disbursed after October 1, 2020 and before October 1, 2026. 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.

Borrowing Limits

The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025 established new loan limits for the Direct Parent PLUS Loan Program. 

Beginning on July 1, 2026, the total amount of all Direct PLUS Loans that one or more parents may borrow on behalf of each dependent student for any academic year of study may not exceed $20,000.  In addition to this new per-student annual limit, there will be a new aggregate limit. 

Beginning on July 1, 2026, the total amount of all Direct PLUS Loans that all parents may borrow on behalf of each dependent student for enrollment in an eligible program of study may not exceed $65,000.  Once  a borrower has reached the $65,000 limit, the parent cannot borrow more Parent PLUS loans; even if the previous Parent PLUS loans are repaid, forgiven, cancelled or discharged.   

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.

IMPORTANT: Loan Requests for Fall 2026, Spring 2027 and Summer 2027 will not be processed until after JULY 1, 2026!  Loan Requests received prior to JULY 1, 2026 for the 2026-27 Award Year will be disregarded.

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).

Click here to sign your MPN

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.