Federal Direct PLUS Loan

The Federal Direct PLUS Loan Program provides a source of loan funds to the parents of dependent undergraduate students.

  • PLUS borrowers are required to file a FAFSA application.
  • Parents can borrow up to the cost of education minus other financial aid for the student.
  • The interest rate on PLUS loans is at a variable rate not to exceed 9%.
  • Repayment on both principal and interest begins within 60 days after the loan is fully disbursed.
  • There is no grace period for these loans. Interest will begin to accumulate at the time the first disbursement is made.