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The Federal Direct PLUS is a loan designed for parents. The maximum eligibility amount per academic year is the school’s estimated cost of attendance minus other student financial aid. The interest on the PLUS Loan is fixed at 7.9%. Repayment of the PLUS begins sixty days after the disbursement, but you may be granted the opportunity to defer payment until after the student’s graduation or withdrawal. There is no grace period for the PLUS, so be prepared to begin repayment once the deferral period ends. You will have to apply for the deferral through Federal Direct Lending.

You must file the FAFSA in order to apply for a Parent Plus loan.

Please remember that the PLUS loan is credit-based and that you must have your loan approved! In order to apply, once you have filed the FAFSA please go to www.studentloans.gov, sign in using your FAFSA PIN #, and click on "PLUS Loan Process" to begin the application. A credit check will be completed as part of the application process. If the credit is approved, you will be instructed to complete the Master Promissory Note (MPN) online. Remember that this is a two part process and both parts must be completed (the application and the MPN.)

Keep in mind that the Federal Government will withhold 2.5% of the total loan amount for processing fees, so plan accordingly.

Click here to begin the application process for the Federal Direct PLUS Loan

Click here to link to the College Board "Parent Loan Repayment Calculator"

Click here to link to the College Board "Parent Loan Debt Calculator"