PLUS Loans

Mercyhurst University knows you may need financial assistance to make college affordable and help make your educational dreams come true. Federal Direct PLUS Loans are available to parents of undergraduate students and to graduate students.

Parent PLUS Loan

The Federal Direct Parent PLUS Loan is a credit-based educational loan available to parents or legal guardians of dependent undergraduate students enrolled at least half time in a degree seeking program. It is a non-need based loan with the benefit of having a fixed interest rate. PLUS Loans are available regardless of income or assets, and no collateral is required. While the parent borrower does not have to prove financial need, an approved credit check is required.

Apply for a Federal Direct PLUS Loan:

PLUS Loan (for parents of undergraduate students) or GRAD PLUS Loan (for graduate students)

Borrowing Limits

The maximum that can be borrowed on behalf of each dependent student is the cost of attendance less any other financial aid for a given academic period. The cost of attendance is determined by Mercyhurst University and includes tuition, fees, and estimated room, board, travel, books, and personal expenses.


  • Parents are the borrowers of the Federal Parent PLUS loan—not the student
  • Grad PLUS Loans: the graduate student IS the borrower
  • Eligibility is not based on financial need; however, creditworthiness is used for eligibility
  • An additional unsubsidized Stafford loan is available for students if a Federal Parent PLUS loan is denied due to an adverse credit history
  • A cosigner with good credit history can be used by a parent with adverse credit history to secure a Parent PLUS loan

PLUS Interest and Fees

The interest rate is a fixed 7.9% and is charged on the loan from the time the loan funds are disbursed until it is paid in full.

In addition to interest, the Federal PLUS Loan has 4.0% origination fee.


Civil War photo exhibit
Photographs of the American Civil War

Dates: Jun 12-Aug 1, 2014

Location: Cummings Gallery

Cummings Gallery
Art Faculty Show

Dates: Aug 21-Sep 28, 2014

Location: Cummings Gallery

William Close and The Earth Harp Collective
William Close and The Earth Harp Collective

Dates: Sep 5

Location: Mary D'Angelo Performing Arts Center