PLUS Loan
Eligibility
- Student must complete FAFSA
- Dependent undergraduate students enrolled at least half time
- Contingent upon credit approval
- No annual or aggregate amounts, except parent may not borrow more than the difference between the student's Cost of Attendance (COA) and other financial aid the students expects to receive
- Must meet citizenship criteria
- Must complete a Master Promissory Note and Entrance Counseling for parent borrowers
- For more information, visit the Department of Education's website Federal Student Aid.
Interest Rates
- Fixed interest rate of 8.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024
- Fixed interest rate of 7.54 percent for loans first disbursed on or after July 1, 2022, and before July 1, 2023
- Interest accrues as soon as the first disbursement is made.
Loan Fees
| First Disbursement Date | Loan Fee |
|---|---|
| On or after Oct. 1, 2023, and before Oct. 1, 2024 | 4.228 percent |
| On or after Oct. 1, 2022, and before Oct. 1, 2023 | 4.228 percent |
Loan Limits
- Maximum amount is cost of attendance minus any other financial aid the student receives; no minimum award amount
Repayment
Please visit the Department of Education's website Studentloans.gov for detailed information or contact the lender.
Apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Online PLUS Request Process available through the Department of Education. Parents will need their FSA ID to log in to the Department of Education's secure site.
- The process for the 2023-2024 academic year became available on April 18, 2023.