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Federal Direct Parent PLUS Loan and Private Loan Info

A parent can borrow a Federal Direct Parent PLUS loan (Parent Loan for Undergraduate Students) for an amount up to $20,000* and limited to the full cost of attendance less any financial aid including student loans. The student and parent must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans, or owe an overpayment on any federal grant. The parent borrower must not have an adverse credit history as determined by the Department of Education, not Colby. We will process PLUS loans for the 2026/27 school year after June 30, 2026 until May 12, 2027 for full-time, continuing students. In order for a parent to apply for a PLUS Loan:

  • Students must first complete a Free Application for Federal Student Aid (FAFSA).
  • We request that students make a decision about borrowing a Federal Direct Subsidized/Unsubsidized Loan (using the Colby Financial Aid Portal) before parents pursue a PLUS loan. Colby will process the Federal Direct Subsidized/Unsubsidized Loan before processing the Direct Parent PLUS Loan.
  • Parents interested in borrowing must “Request a PLUS Loan” at studentaid.gov.
  • First-time parent borrowers must also complete the PLUS Loan Master Promissory Note.
  • Standard practice will be to process a PLUS loan for the full year, split evenly between the fall and spring semesters. For the 2026/27 year, the date range for a full year loan is 9/9/2026 to 5/17/2027. If students are studying away on an approved program with a different cost than Colby or attending for only one semester, single semester PLUS loans should be requested. The date range for the fall semester is 9/9/2026 to 1/28/2027. The date range for the spring semester is 2/3/2027 to 5/17/2027.
  • We encourage parents to review the PLUS counseling link at studentaid.gov for important rights and responsibilities.

*Borrowing limits may vary in accordance with changes as part of the One Big Beautiful Bill Act (OBBA)

The following applies to Federal Direct Parent PLUS Loans borrowed during the 2026-2027 year:

  • Loan with a first disbursement on or after October 1, 2020  will incur a loan origination fee of 4.228%.
  • The interest rate for a PLUS Loan first disbursed on or after July 1, 2026 and before July 1, 2027 is 9.07% fixed.
  • Repayment under the Tiered Standard Plan term is 10-25 years, depending on total Direct Loan outstanding principal balance.  Some borrowers may have alternate repayment plan options depending on outstanding loans borrowed in a prior academic year*
  • When completing a PLUS loan application, a parent can request that the PLUS loan be deferred while the student is enrolled at least half-time. If a deferment is not requesting, the parent will be expected to begin making payments after the loan is fully paid out (disbursed to the College). 

*Repayment plans may vary in accordance with changes as part of the One Big Beautiful Bill Act (OBBA)

Private or Alternative Loan Information

When federal loans and other aid do not cover the cost of education, private or alternative educational loans are available. Private educational loan programs vary by lender. Colby does not have Preferred Lender Arrangements. Families who choose to borrow may select a loan product from any lender of their choosing and are encouraged to carefully compare loan terms and conditions including interest rates, origination fees and repayment terms before consummating a loan. For more information about private or alternative loans, CLICK HERE.