Can More than One Parent Borrow a PLUS Loan for the Same Year?

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If you are considering obtaining a Parent PLUS Loan to finance your child’s college education, then you may be wondering if more than one parent can receive a PLUS Loan for the same child in the same year. Good news: The answer is yes.


Who is Eligible to Obtain a Parent PLUS Loan?

Parents of dependent undergraduate students are eligible to obtain Parent PLUS Loans. (A child’s dependency status is primarily determined by his or her age, marital status, military involvement, and whether the child has any dependents.)  Eligible parents may be biological, adoptive, or custodial step-parents. If one parent has an adverse credit history, then it may make sense for only the other parent to apply for a PLUS Loan. Learn more about who qualifies for Parent PLUS Loans and what happens if you are denied a Parent PLUS Loan.


What are the Borrowing Limits for Parent PLUS Loans?

The borrowing limits for Parent PLUS Loans are determined on a per-child basis, without regard to how the loans are distributed among eligible parents. The annual per-child borrowing limit for Parent PLUS Loans is equal to the school’s cost of attendance minus any other financial aid that the student receives. (Cost of attendance is calculated by each school separately and includes living expenses and other education-related costs.)  The U.S. Department of Education allows more than one parent to obtain a PLUS Loan for the same child in the same year, and also allows the same parent to obtain multiple PLUS Loans in the same year if the parent has more than one child in college. Parent PLUS borrowers are not subject to Department of Education-specified loan limits, either annually or in aggregate.


Need More Information?

To obtain a Parent PLUS Loan, first you and your child will each need to complete the Free Application for Federal Student Aid, or FAFSA. Every Parent PLUS applicant must submit a FAFSA individually. Learn more about how to apply for federal student loans from the experts at Edmit.

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