Yes, you can add to a Parent PLUS loan, but you must apply for an increase through studentaid.gov, often by reapplying for a new loan, especially if the original credit check is old or you originally selected a maximum amount; the process involves updating the amount on a new application and may require a new credit check if needed, ensuring the total doesn't exceed the student's cost of attendance.
Note: You can request an increase in the amount of a Direct PLUS Loan you previously requested if it's for the same school, same award year, and same student. The loan can't exceed the cost of attendance (COA) minus other aid.
Cap on federal parent borrowing: Parents can borrow up to $20,000 per student and per year, with a max lifetime limit of $65,000—for parent PLUS loans.
To increase the amount of your Graduate PLUS Loan, you will need to apply for a new loan at studentaid.gov: NOTE: If it is within 180 days of your original credit check, your application will use the existing credit check, and a new one will not be required.
If you wish to increase the loan amount borrowed, you will need to start a Personal Loan Refinance application. Please note that in the case additional funds are requested in the refinancing, it will be considered 'New Debt'.
If you have one existing loan
You can get a new loan that pays off your current loan and gives you the extra money you need. You'll then have one, larger loan with a new interest rate and new monthly repayments.
Elimination of the Graduate PLUS Loan Program: Beginning July 1, 2026, the Federal Graduate PLUS Loan program will be discontinued for new borrowers.
Best Parent Loans for College January 2026
Parent PLUS Loans are typically the best loan program option for parents to help their students pay for college. However, private parent loans often offer more competitive interest rates and no origination fees.
In the 2019-2020 academic year, 7.7% of dependent undergraduate students had parents who borrowed through Parent PLUS, with an average loan amount of $16,272.
Parents with multiple children could use Parent PLUS Loans for every one of their children. Under the OBBB, there are new annual and aggregate borrowing limits. For loans disbursed on or after July 1, 2026, the new loan limit is $20,000 per year per child, with an aggregate limit of $65,000 per student.
Yes, Parent PLUS loans can be forgiven or discharged, but it often requires specific actions like consolidating the loan into a Direct Consolidation Loan to access Income-Contingent Repayment (ICR) or Public Service Loan Forgiveness (PSLF), or by meeting criteria for total and permanent disability discharge or death. Forgiveness pathways are limited compared to other federal loans, primarily relying on the 25-year ICR plan or PSLF if the parent works in public service, as Parent PLUS loans don't directly qualify for most other income-driven plans.
The #1 most common FAFSA mistake is leaving fields blank, followed closely by name/Social Security Number mismatches, but other major errors include incorrect marital/parental info, not reading questions carefully (especially "you" vs. "parent"), and filing late or not at all. You must complete all questions, entering '0' or 'N/A' if applicable, use exact legal names, and ensure accurate SSNs to avoid delays or rejections, with many sources highlighting the importance of filing on time for maximum aid.
You stop needing to provide parents' income on the FAFSA when you're considered an independent student, which happens automatically at age 24 (born before Jan. 1, 2003, for the 2026-27 FAFSA) or if you meet other criteria like being married, a veteran, having dependents, or being a graduate student. It's not just about age; you must meet one of several specific conditions to be independent, otherwise, parents' financial info is required, even if you're financially independent otherwise.
The "7-year rule" for student loans generally refers to when negative marks, like defaults, are removed from your credit report (around 7 years after the first missed payment or default date for federal loans, 7.5 years for private loans), but the debt itself doesn't disappear and must be paid off; it's also a benchmark in bankruptcy proceedings where federal loans can become dischargeable after 7 years from when payments were due, though proving "undue hardship" is required and difficult.
The 2-2-2 credit rule is a guideline for building strong credit, suggesting you should have two active credit accounts (like cards or loans) for at least two years, with consistent on-time payments for those two years, often with a minimum credit limit of $2,000 per account, to demonstrate financial responsibility to lenders, especially for mortgages. It's a benchmark to show you can handle credit well over time, reducing lender risk and improving approval odds for major loans.
Once issued, the loan amount and terms agreed upon are fixed until the loan is paid off in full. However, you may be eligible to refinance your unsecured loan. Qualified customers will receive additional funds and may receive a lower APR.