NOTICE TO STUDENTS: The 2014-2015 PLUS application will be available on or after May 1, 2014. Parents will not be able to apply for PLUS loans for Fall 2014 and/or Spring 2015 until this application opens. The 2013-2014 PLUS application is currently available and will remain open through Summer 2014.
The Federal Direct Parent Loan (PLUS) is available to the parents of dependent, undergraduate students. The parent may only borrow up to the Cost of Attendance (excluding any other financial aid). An origination fee is charged upon disbursement of the loan(s). All funds are received electronically and are posted to the student's billing account to pay university authorized tuition and fees. Completion of the Free Application for Federal Student Aid (FAFSA) is required.
Apply for a Direct PLUS Loan
- The student must be attending at least half-time (6 hours).
- The parent must have a good credit history.
- The student must be meeting Satisfactory Academic Progress.
- The parent must not have defaulted on any previous student or parent loans.
- A FAFSA must be completed.
- Award eligibility varies based on enrollment. For details, please visit the Award Proration information page.
Effective for Parent PLUS Loans disbursed on or after July 1, 2013, rates will be fixed for the life of the loan at the sum of the high yield of the 10-year Treasury note plus an additional percentage. No loans may be assessed an interest rate for any award year above the interest rate cap indicated in the chart below.
|Loan Type ||Interest Rate Formula || Projected Interest Rate |
(fixed over life of loan)
|Interest Rate Cap |
|Parent PLUS Loans |
|T* + 4.6% |
| 10.5% |
*T equals the 10 year T-Bill rate (assumed at 1.81%) Parent PLUS Loans disbursed prior to July 1, 2013 have a fixed interest rate of 7.9%
**Updated rates for each award year will be available in June preceding the Fall semester
|Loan Type ||Origination Fees |
|Prior to July 1, 2013 |
|On or after July 1, 2013 |
|On or after December 1, 2013 |
|Parent PLUS |
PLUS loans are the financial responsibility of the parents, not the student. If the student agrees to make payments on the PLUS loan but fails to make the payments on time, the parent(s) will be held responsible.
- Your Direct PLUS Loan enters repayment once your loan is fully disbursed (paid out).
- Your Direct PLUS loan may be deferred until the student falls below half-time enrollment or graduates.
- Standard repayment term is up to 10 years.
Direct Loan Program FAQs