Federal Direct PLUS Loans for Parents
This government loan is not based on need. You must file a FAFSA to be considered for the Parent PLUS Loan. Parents of undergraduates must meet the following requirements to be eligible:
- Creditworthy parents of dependent students.
- Custodial and non-custodial parents can both borrow under the PLUS loan program.
- Borrower must be a U.S. citizen, U.S. national or permanent resident of the United States.
- Borrower cannot be in default on a federal education loan or owe a repayment of Federal Title IV aid.
- Financial need is not a requirement to obtain a PLUS Loan.
PLUS Loan Application Instructions:
To apply for the Federal Direct Parent PLUS Loan, go to www.studentloans.gov.
GRAD PLUS Loan:
To apply for a GRAD PLUS loan go to www.studentloans.gov.
Plus Loan limits are determined by the estimated cost of attendance less any other aid. The amount of eligibility is listed on your Award Notification Letter.
Federal Direct Rates and Fees
For PLUS Loans disbursed between July 1, 2014 and June 30, 2015, the interest rate is fixed at 7.21%. A fee of 4% (during sequester the fee is 4.2%) will be deducted from the disbursement. The 2015 - 2016 interest rate will be available on July 1, 2015.
Loan Repayment of Parent PLUS Loans begins within 60 days of the last disbursement of that academic year. Typically, a loan will begin repayment at the end of the spring term.