PLUS (Direct) Loans

use to pay up to the full cost of college

Parents of undergraduate students - and graduate and professional students - are eligible under the PLUS program to borrow up to 100% of graduate and professional education-related expenses as certified by the institution.

For parents, repayment begins 60 days after the first loan disbursement. For graduates and professionals students, repayment begins 180 days after graduation.

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financial aid types

About PLUS (Direct) Loans

Who gets this loan:

  1. Parents of Dependent Undergraduate Students:
    eligible to borrow up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received by the student. Repayments begin 60 days after the first loan disbursement.
  2. Graduate or Professional Degree Students:
    eligible to borrow in your own behalf up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received. Repayments are deferred for 6 months after you cease to be enrolled at least half-time.

How do you apply for this loan?

  1. Complete the FAFSA form - see financial aid steps
  2. Get with your college's financial aid office. They will have the information you need.
  3. Pass a credit check during the application process or obtain an endorser or display extenuating circumstances.
  4. Complete the Master Promissory Note (MPN) for this loan (see your college financial office)
  5. Complete entrance counseling - this is a mandatory information session for students which takes place before you receive any PLUS loan (see your college financial office).

financial aid types

Loan Amounts

  • eligible to borrow in your own behalf up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received
  • you must apply for the annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a PLUS loan
  • does not require collateral; no prepayment penalties
  • the federal government offers flexible repayment plans that can fit your budget
  • payments are deferred until after graduation or separation from school for graduates; payments begin 60 days after the first loan disbursement for parents
  • you have to file and apply for a loan each academic year.
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loan advantages/disadvantages ...

financial aid types

Loan Eligibility

  • student must be enrolled at least half-time in an undergraduate, graduate or professional degree or certificate program at an approved school
  • satisfactory credit history required with or without a co-signer
  • pass a college entrance exam approved by the U.S. Department of Education, and/or meet other standards your state may establish.
  • be enrolled or accepted for enrollment as a regular student working at least half-time toward a degree or certificate in an eligible program.
  • be a U.S. citizen or eligible non-citizen.
  • have a valid Social Security number
  • make satisfactory academic progress.

financial aid types

Interest Rates and Fees

  • Current Rate: see rates
  • federal PLUS loans are fixed rate loans that remain fixed for the entire term of the loan
  • in order to qualify for the loan, you must pass a credit check as set by the federal government.
  • loan fee that is a percentage of the borrowed amount will be charged when you take out your loan - so the amount you actually receive will be less than the amount you have to repay. This is the origination fee for the loan
view summary aid charts
view rates and fees ...