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Federal Direct PLUS Loan

PLUS Loans are available to parent borrowers for dependent students. PLUS Loans are not based on financial need. A credit check is required; loans might not be approved for applicants who have adverse credit history.

Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for a Federal Direct PLUS Loan.

  • Parent borrows from the U.S. Department of Education.
  • Long-term loan with a fixed interest rate of 6.31%.
  • Student must be enrolled at least half-time for parent to receive a PLUS loan.
  • The annual loan limit is the student's cost of education, minus any other financial aid award and/or resources.
  • Repayment usually begins 60 days after the loan is fully disbursed.