Supplemental Loans

Should students find it necessary to borrow additional funds, there are other loan options in addition to Direct Subsidized and Unsubsidized Loans: The Parent PLUS Loan and private loans.

Parent PLUS Loan

PLUS Loans are government loans offered through the Department of Education. Applicants must be U.S. citizens or eligible non-citizens. Consideration for the PLUS Loan includes a required credit check.

Loan Limits

Legacy Provisions
Under the previous rules regarding Parent PLUS Loans, parents were eligible to borrow as much as their child’s cost of attendance less other aid and were not subject to lifetime borrowing limits. A parent remains eligible to borrow under these regulations if all of the following are true:

1. Prior to July 1, 2026, their child borrowed a federal Direct Loan (i.e. subsidized or unsubsidized loan) or the parent borrowed a PLUS Loan on their child’s behalf.
2. Their child was a Wheaton student at the time of borrowing.
3. Their child has not withdrawn from Wheaton or taken a leave of absence since July 1, 2026.
4. Their child remains within his/her program’s expected time to credential. For example, if the student has been enrolled for two years and is seeking a four-year bachelor’s degree, his/her parents will be able to borrow under the previous rules for two years after the cutoff date. Please note that the determining factor in this regard is time enrolled, not number of credits earned.
5. The legacy exception regulations remain in place. Regardless of an individual student’s progress toward his/her degree, the new regulations will apply to all Parent PLUS borrowers after three academic years.

New Regulations

According to federal rules, parents may borrow up to $20,000 per student per year in Parent PLUS Loans. The lifetime amount borrowed for each student may not exceed $65,000. These limits are shared between spouses, meaning that while both can borrow on a student’s behalf, their combined borrowing cannot exceed the amounts listed.

Interest rates and fees: The fixed interest rate for Parent PLUS Loans first disbursed on or after July 1, 2026, and before July 1, 2027 is 9.07%. PLUS Loans include a 4.228% origination fee upon disbursement, meaning that a parent who borrows $10,000 will see $9,577 added to their child’s student account.

Repayment terms: A six-month grace period begins when a student graduates or drops below half-time enrollment (six credits). At the conclusion of the grace period, repayment begins. You may prepay at any time without penalty. Loan consolidation and graduated repayment options are available.

For more information on the PLUS Loan, see this page from the Department of Education. You can begin your application here.

Alternative Loans

Just as the Department of Education provides federal student loans, a variety of companies and organizations offer private educational loans. The unsubsidized federal loan interest rate is lower than the rates of most private options, so the majority of students do not pursue private borrowing if the unsubsidized loan will meet their needs. Parents may also pursue a PLUS Loan rather than an alternative loan. For more information on the differences between federal and private loans, see here: Federal Versus Private Loans.

In order to assist students as they consider private loans, Wheaton maintains a lender list. This is not a list of preferred lenders, nor is it a comprehensive list of available private student loans. It is merely historical, meaning that the lenders shown are all of those from whom Wheaton students have borrowed within a particular period. Inclusion does not imply any endorsement or recommendation; the list exists solely for the purpose of permitting students to evaluate and compare options that previous Wheaton students have chosen. You have the right to borrow from any lender, whether included on this list or not. If you are a member of a bank, it may be helpful to see whether your bank provides educational loans, as members usually qualify for an improved rate.

Bear in mind that private loan rates are determined in part by credit score and be sure to fully understand the terms offered by particular loans. ELMSelect’s Compare tool, located in the upper right-hand corner once you’ve clicked on a particular lender, allows you to evaluate different options side-by-side in a clear and efficient manner.

Annual amount: Students and parents can borrow up to the total cost of educational expenses less other financial aid.

Interest rates and fees: Interest rates depend on the particular lender, the applicant and/or cosigner’s credit, and the like. Some are variable, while others are fixed. Private lenders do not charge origination fees.

Repayment terms: In most cases, a six-month grace period begins when a student graduates or drops below half-time enrollment (four credits). At the conclusion of the grace period, repayment begins.

To view Wheaton’s list, follow this link and choose “Undergraduate” in the Program Select menu. If you are a parent considering borrowing on behalf of a student, you can access the “Parent” list from this menu as well.