For more information visit: emergency.wvu.edu
There are various differences between federal and private lenders such as the borrower, lender, interest rates, fees, and terms. The information below can help you compare options.
On July 4, 2025, the president signed the One Big Beautiful Bill Act into law, making changes to some federal student aid programs. Stay informed about the big updates from the new law. Our webpages will be updated as more information becomes available.
| Topic | Parent PLUS | Private | Graduate PLUS |
|---|---|---|---|
| Student Level | Undergraduate | Undergraduate, graduate or professional | Graduate or professional |
| Loan Borrower | Parent of a dependent undergraduate student | Student or parent (varies by lender) | Graduate or professional student |
| Lender | Federal government | Private lenders and financial institutions | Federal government |
| Annual Loan Limits | Cost of attendance minus other student aid | Cost of attendance minus other student aid | Cost of attendance minus other student aid |
| Topic | Parent PLUS | Private | Graduate PLUS |
|---|---|---|---|
| Free Application for Federal Student Aid (FAFSA) Required | Yes | Depends on the lender | Yes |
| Application Required | Yes ( Federal Student Aid website) | Yes (contact the lender) | Yes ( Federal Student Aid website) |
| Requires Certification by WVU | Yes | Yes | Yes |
| Credit Criteria | Borrower may not have an adverse credit history; if so, they must have a creditworthy endorser/cosigner | Varies by lender but may include credit score, debt-to-income ratio, or no adverse credit history | Borrower may not have an adverse credit history; if so, they must have a creditworthy endorser/cosigner |
| Endorser or Cosigner Required | Borrowers with little or no credit history (or an adverse credit history) may require an endorser | Borrowers with little or no credit history (or an adverse credit history) may require an endorser (varies by lender) | Borrowers with little or no credit history (or an adverse credit history) may require an endorser |
| Impact of Loan Denial | Potential to increase unsubsidized loan amount; maximum increase amount varies by student level | No increase in other aid eligibility | No increase in other aid eligibility |
| Topic | Parent PLUS | Private | Graduate PLUS |
|---|---|---|---|
| Type of Interest | Fixed | Fixed and variable options (varies by lender) | Fixed |
| Interest Rate | Rates can be found on the Interest Rates and Fees for Federal Student Loans webpage | Depends on the borrower and/or endorser credit (varies by lender) | Rates can be found on the Interest Rates and Fees for Federal Student Loans webpage |
| Loan Fees | Loan fees can be found on the Interest Rates and Fees for Federal Student Loans webpage | Varies by lender | Loan fees can be found on the Interest Rates and Fees for Federal Student Loans webpage |
| Topic | Parent PLUS | Private | Graduate PLUS |
|---|---|---|---|
| In-School and Grace Period Deferment Options | Full deferment or immediate repayment options available (as determined by the application) | Varies by lender | Full deferment or immediate repayment options available (as determined by the application) |
| Prepayment Penalties | No | Varies by lender | No |
| Repayment Plans | The government offers various repayment plans, including income-based options; more information at "Choose the federal student loan repayment plan that’s best for you" webpage | Varies by lender | The government offers various repayment plans, including income-based options; more information at "Choose the federal student loan repayment plan that’s best for you" webpage |
| Disability Discharge | Parent only | Varies by lender | Student only |
| Death Discharge | Student or parent | Varies by lender | Student |