Thinking about using the Parent PLUS Loan?
Learn more about recent changes to Parent PLUS Loan borrowing limits (PDF).
For loans first disbursed on or after July 1, 2026 and before July 1, 2027.
| Loan | For Consideration | Limits | Rate | Deadline |
|---|---|---|---|---|
| Federal Direct Student Loan Program | Admission and filing of the FAFSA | Maximums* $5,500 First-year**, $6,500 Second-year, $7,500 Third-year, $7,500 Fourth-year | 6.39% | Open throughout academic year |
| Federal Direct Parent PLUS Loan Program | Admission and credit approval | ***NEW Borrower $20,000 per student ***CURRENT Borrower: Cost of Attendance minus all other financial aid ***For definitions and other information regarding changes to Parent PLUS Loan limits, please see this PDF. | 8.94% | Open throughout academic year |
| Federal Direct Unsubsidized PLUS Loan Denial Subsidy | Admission, filing of FAFSA and Federal Parent PLUS Loan denial | $4,000 First-year**, $4,000 Second-year, $5,000 Third-year, $5,000 Fourth-year | 7.94% | Open throughout academic year |
* Amounts listed reflect maximum eligibility total for subsidized and unsubsidized loans.
** 1st year = 0 – 7.99 course units, 2nd year = 8 – 16.99 course units, 3rd year = 17 – 25.99 course units, 4th year = 26+ course units
FEDERAL DIRECT STUDENT LOAN PROGRAM
A Federal Direct Student Loan is a government-guaranteed loan offering low-interest rates and deferred payment options. There are two types of federal direct loans – subsidized and unsubsidized.
Get more information and instructions to apply for a Federal Direct Student Loan Program.
WILLIAM D. FORD DIRECT PARENT PLUS LOAN PROGRAM
Federal Parent Loans for Undergraduate Students, also known as PLUS loans, are low-interest education loans that allow parents to fund the cost of their child’s education. To learn more about how much you can borrow, please review loan limits in the chart above or view this PDF.
Get more information and instructions to apply for a PLUS Loan.
ALTERNATIVE/PRIVATE LOAN PROGRAMS
Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its loan programs. Private loans are offered by private lenders and are not part of any federal financial aid program. Hanover College encourages students and their parents to utilize their federal loan eligibility before considering additional funding through private/alternative programs.
Alternative/Private Loan Programs.
HANOVER EASY PAY PLAN
Hanover’s easy, interest-free tuition plan enables students and parents to pay tuition on a monthly basis. Learn more about Easy Pay.
