Federal Parent Loan for Undergraduate Students (PLUS)

Federal Parent Loan for Undergraduate Students (PLUS)


The Federal Parent Loan for Undergraduate Students or PLUS is a federal loan program that allows parents of dependent undergraduate students to take out a loan to cover the difference between a student aid package and the actual costs of the College.


Facts about PLUS

  • Interest rate is fixed and new interest rates are determined annually.
  • Payments begin 60 days after the final disbursement of the loan in the year it was borrowed. Parents can request that payments be deferred while the student is still attending school. Loan has a standard 10-year repayment schedule but no penalty for early repayment.
  • Origination fees—up front loan-processing fees—are  determined annually.


How to Apply for a Direct Parent PLUS Loan

1. Complete the Free Application for Federal Student Aid (FAFSA).

2. Go to the studentloans.gov website

, sign in, and select Request a PLUS Loan
. You (the parent) will need a PIN to sign in; this is the same PIN used to complete the FAFSA. A borrower who does not have a PIN can request one at www.pin.ed.gov

. During the PLUS application process, when asked for the loan amount, we recommend you indicate the specific amount you want to borrow
. If help is needed in determining the amount, please contact the Financial Aid Office. Also, a credit check will be done during the process; you will be notified immediately of the credit approval or denial. Time permitting, we suggest that you do the PLUS Request Process after the Financial Aid Award Letter has been received.

3. If you are approved, wish to borrow the PLUS Loan, and are a first-time Direct Parent PLUS Borrower
, continue on to complete the PLUS Master Promissory Note (e-MPN)
. If you (the parent) have previously borrowed a Direct PLUS Loan for the student, you should not have to complete a new e-MPN.

4. We will receive electronic notification of the credit decision. If approved, we will process the PLUS Loan. If denied, the student may be eligible for additional Direct Unsubsidized Stafford Loan. We will send a revised award letter showing the additional Unsubsidized Stafford Loan eligibility. The maximum additional Unsubsidized Stafford is $4000 for freshmen and sophomores and $5000 for juniors and seniors.


What are the interest rates for federal student loans?


Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan


rates to financial markets. Under this Act, interest rates will be determined each spring for new loans being made for the upcoming award year

, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate

for the life of the loan.


The following table provides the interest rates for new Direct Loans made on or after July 1, 2014, and before July 1, 2015. These rates will apply to all new Direct Loans made during this time.



Interest Rate

Direct Subsidized Loans (Undergraduates)


Direct Unsubsidized Loans (Undergraduates)


Direct Unsubsidized Loans (Graduate or Professional Students)


Direct PLUS Loans (Parents and Graduate or Professional Students)




Are there any other fees for federal student loans?


Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.


The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Dec. 1, 2013.


Loan Type

First Disbursement Date

Loan Fee

Direct Subsidized Loans and Direct Unsubsidized Loans

On or after 12/1/13 and before 10/1/14


On or after 10/1/14 and before 10/1/15


Direct PLUS Loans

On or after 12/1/13 and before 10/1/14


On or after 10/1/14 and before 10/1/15


Loans first disbursed prior to Dec. 1, 2013, have different loan fees.













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