Financial Aid
Federal PLUS (Parent Loan for Undergraduate Students) Loans are available to borrow towards the cost of attending Union.
- Parent borrower must be a U.S. citizen or eligible non-citizen.
- For the 2026-27 academic year the fixed interest rate is 9.07% with an origination fee of 4.228% (deducted from each loan disbursement). Interest begins to accrue on the date of the first disbursement.
- Borrower must pre-qualify by passing a credit check. Once approved, the credit check is good for 180 days. Borrowers may begin the application process after June 15.
- If a parent’s application is denied, the parent may re-apply with an endorser. As an alternative, the student is eligible to borrow an additional unsubsidized Direct Loan in the amount of $4,000 for 1st and 2nd year students, $5,000 for 3rd and 4th year students.
- Repayment begins within sixty days after the loan has fully disbursed. A parent may request a deferment to postpone repayment for up to six months after the student graduates or drops below half-time enrollment.
The One Big Beautiful Bill Act (OBBBA) signed into law July 2025 made significant changes to the federal PLUS Loan program. For more information, visit studentaid.gov
New loan limits effective July 1, 2026: Parent PLUS Loans are capped at $20,000 per year, with a $65,000 lifetime limit per dependent student (includes amounts forgiven, repaid, or discharged).
Legacy Provision: Parents of returning Union students may continue borrowing under current federal PLUS loan limits if the student:
- was enrolled and completed the entire Spring 2026 term,
- continues their enrollment in Fall 2026 without interruption, and
- has previously borrowed a federal student loan.
Eligibility to borrow under current loan limits may continue for up to three academic years or until the student completes their credential, whichever occurs first. If a student is eligible for the legacy provision at the start of the Fall 2026 term but then takes time off from Union, they will lose the legacy provision status and the new PLUS Loan limits will apply.
