Loans for Parents

The financial needs of our students’ families are as different as the families themselves. For most students, the need-based assistance offered by Harvey Mudd is sufficient to pay for college when combined with the family’s calculated contribution.

However, the reality for many families is that they are not prepared to contribute the calculated family contribution. Many parents look for low-interest financing options, such as the Federal Direct Parent Loan for Undergraduate Students (PLUS), to help reduce monthly expenses and to extend the payment of the academic year’s costs.

Note: For those borrowing a Parent Loan for Undergraduate Students (PLUS),

1. All borrowers are required to review the amount of loans offered and actively accept the loans on the Financial Aid @ HMC portal or by signing and returning a copy of their Award Package to the Financial Aid Office.
2. PLUS loan borrowers must complete the PLUS Loan Application online.
3. First time PLUS loan borrowers must complete and electronic Master Promissory Note. The promissory note is good for ten years.
4. Students who have completed the loan requirements and all other financial aid requirements will have loan funds applied to their student account during the fist week of October for the fall semester and the first week of February for the spring semester. Loans then are disbursed weekly as requirements are completed.