The Federal Direct PLUS Loan is designated to provide long-term competitive rate financing for parents.
You can borrow a Federal Direct PLUS Loan up to your student's cost of attendance minus any financial assistance the student was awarded for the academic year. Borrowers must be creditworthy. A credit check will be performed by the Department of Education.
Interest and Repayment
The Federal Direct PLUS Loan interest rate is fixed at 6.28% for 2021-2022. PLUS Loan borrowers must begin repayment of principal and interest 60 days after the final loan disbursement of the academic year. An origination fee will be deducted from the total loan, proportionately, each time a loan disbursement is made. For loans disbursed after July 1, 2021–September 30, 2022, the origination fee is 4.228%. For loans disbursed after October 1, 2022, the origination fee will be different.
By an Act of Congress in early 2008, parents now have the option of deferring payment, but not accruing interest, on a PLUS Loan. Please go to www.studentloans.gov for more information.
Apply for a PLUS Loan
The parent borrower will be required to use his/her U.S. Department of Education issued parent FSA ID to complete the application. Parents who do not have an FSA ID or cannot recall their FSA ID can go to fsaid.ed.gov to create an FSA ID.
- Sign-in to https://studentaid.gov/app/launchPLUS.action using the parent borrower's information
- Select "Direct PLUS Loan Application for Parents"
It takes 48 hours for the request to be sent to our office. We will process the PLUS Loan request as soon as possible.
All first-time PLUS Loan borrowers must also complete a PLUS Master Promissory Note (MPN). To complete the PLUS MPN:
- Sign-in to https://studentaid.gov/mpn/
- Select "I’m a Parent of an Undergraduate Student"
Approved PLUS Loan
If you are approved to borrow the Parent PLUS Loan, we will e-mail the student and parent a revised award letter reflecting the PLUS Loan the parent is eligible to borrow.
Denied PLUS Loan
If you are denied the Parent PLUS Loan, our Loan Counselor will e-mail the parent with options.
Keep Track of What You Borrow
If you don’t remember who services your PLUS Loan, you can receive a summary of your loans through Federal Student Aid Information Center (FSAIC) or by calling (800) 433-3243.