Direct PLUS Loans for Parents

PLUS Loans enable parents with good credit history to borrow money to pay for the education expenses of a dependent student. The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid received. Eligibility is dependent upon credit approval by the Direct Loan Servicing Center. Parents must complete a PLUS Credit Authorization and send it to IYRS Academic Coordinator 449 Thames St. Suite 111 Newport, RI 02840. To apply for a PLUS loan contact the Academic Coordinator at (401) 848-5777 ext. 205 to discuss your loan limit. Lastly, all first time Parent PLUS Loan borrowers at IYRS must also complete a Master Promissory Note (MPN). The PLUS Loan MPN can be completed online by selecting "Complete New MPN for Parent PLUS Loan". Click here for a guide on completing the PLUS MPN.

If the parent of a dependent student is denied a PLUS loan for any reason, the student will become eligible to receive Federal Direct Loans as an independent student. The interest rate on new PLUS loans is currently fixed at 7.9%. The rate is set every July 1st, for the upcoming year. Parents will pay fees of 4% of the loan.

For more information see our FAQ's for PLUS loans, or learn more on the Student Aid website.