Federal Direct Parent Plus Loan
Loan Limits:
Up to the cost of education less any aid received.
Who is Eligible:
Parents of dependent students. The parent borrower may be the biological parent, adoptive parent, or the step-parent whose information is on the current year FAFSA. The student must be half-time (Undergraduate: 6 credit hours)
How to Apply:
- Submit FAFSA in early October each year.
- Parent must apply for loan by logging in with their FSA ID at StudentAid.gov.
- The PLUS loan requires a credit worthy parent borrower.
- Parents who are interested in borrowing the Federal Direct Parent PLUS must complete the PLUS Master Promissory Note (MPN) at StudentAid.gov with their FSA ID.
- Applications for Summer 2023 Graduate PLUS are available April 1, 2023. Applications for Fall/Spring 2023-2024 and/or Fall 2023 are also available April 1, 2023. Applications for Spring 2024 become available in December 2023.
- Repayment for the PLUS generally begins 30 to 60 days after the funds are credited to the student account. Parents who desire the in-school deferment and did not select this option as part of their application must contact the Direct Loan Servicer.
LOAN PERIODS FOR THE ACADEMIC YEAR
| Semester | Begin and End Months | Allocation of Loan Funds |
|---|---|---|
| Summer semester | May - August | Entire eligible amount in Summer |
| Fall semester | August - December | Entire eligible amount in Fall |
| Spring semester | January - May | Entire eligible amount in Spring |
| Fall and Spring semesters | August - May | Entire eligible amount to be evenly divided between eligible terms of enrollment (Fall/Spring) |
Interest Rates:
7/1/23-06/30/24 Fixed interest rate of 8.05%