Federal Direct PLUS Loan for Parents
The Federal Direct PLUS Loan for Parents (PLUS) provides a borrowing option for parents of dependent undergraduate students. Based upon a parent's credit history, a parent may borrow up to the student's cost of attendance (less any other financial assistance the student may be receiving) through this federally guaranteed, non-need-based loan program.
Biological/adoptive parents of dependent undergraduate students who:
- Are enrolled at least half-time in an eligible program
- Have completed the Free Application for Federal Student Aid (FAFSA)
- Are U.S. citizens or eligible non-citizens
- Are not in default on any federal educational loans
- Are meeting Satisfactory Academic Progress (SAP)
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA)
- Complete the Federal Direct PLUS Loan for Parents Application
2020-2021 Undergraduate or Graduate/Professional Law Full Year 8/10/2020 - 5/11/2021 8/17/2020 - 5/14/2021 Fall 8/10/2020 - 12/09/2020 8/17/2020 - 12/11/2020 Spring 12/10/2020 - 5/11/2021 1/12/2021 - 5/14/2021 Summer 5/12/2021 - 8/13/2021 6/1/2021 - 7/8/2021
- Complete the Federal Direct PLUS Loan for Parents Master Promissory Note (MPN)
Up to the student's cost of attendance (less any other financial assistance the student may be receiving).
5.30% fixed interest rate during repayment for loans disbursed on or after July 1, 2020 and before July 1, 2021.
4.236% origination fee for loans disbursed on or after October 1, 2019 and before Oct. 1, 2020; deducted from the borrowed value prior to disbursement.
Repayment of both principal and interest usually begin within 60 days of disbursement of the funds, however, parents have the choice to defer payment until six months after the student ceases to be enrolled in school on at least half-time basis, generally extending over a 10-year period.
NOTE: Information about your loans will be reported to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools and loan servicers for the specific purposes as authorized by the Department of Education.
Additional details regarding the Federal Direct PLUS Loan for Parents may be found at studentloans.gov.