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Federal Direct PLUS Loans

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Direct PLUS loans are unsubsidized loans for the parents of dependent students, as well as graduate/professional students. PLUS loans help pay for education expenses up to the Cost of Attendance minus all other financial assistance. Interest is charged during all periods.

 

Direct PLUS Loan (Parent)

  • Apply for a Federal Direct PLUS through the U.S. Department of Education.
  • Fixed interest rate as of July 1, 2014, is 7.21%
    Interest starts accruing at the loan’s first disbursement
    Rates are annually reset by the federal government on July 1
  • Origination fee is 4.288% for loans disbursed on or after Dec. 1, 2013, and before Oct. 1, 2014.  The fee will increase to 4.292% for loans disbursed on or after Oct. 1, 2014, and before Oct. 1, 2015.
  • Eligibility is COA (cost of attendance) minus any aid received by the student
    The school will determine the amount you are eligible for upon certification of the loan.
  • A Free Application for Federal Student Aid (FAFSA) must be completed for the student before you apply for a Federal Direct PLUS loans.
  • Parents must complete an MPN (Master Promissory Note)
    The MPN is completed online using your Federal PIN, which is the same PIN used to sign the FAFSA electronically. If you do not have or cannot recall your PIN, request a new (or duplicate) PIN from the Federal Student Aid PIN website. As the parent of the student, you will need to sign with your own parent PIN. You cannot use your son or daughter's PIN. Allow up to 10 business days to receive your PIN.
    Completing a Master Promissory Note (PowerPoint Presentation)
  • For additional information, please download the PDF titled Parents Federal Direct PLUS Loan


Graduate Direct PLUS Loan

  • Apply for a Federal Direct PLUS through the U.S. Department of Education.
  • Fixed interest rate as of July 1, 2014, is 7.21%
    Interest starts accruing at the loan’s first disbursement
    Rates are annually reset by the federal government on July 1
  • Origination fee is 4.288% for loans disbursed on or after Dec. 1, 2013, and before Oct. 1, 2014.  The fee will increase to 4.292% for loans disbursed on or after Oct. 1, 2014, and before Oct. 1, 2015.
  • Eligibility is COA (cost of attendance) minus any aid received by the student
    The school will determine the amount you are eligible for upon certification of the loan.
  • A Free Application for Federal Student Aid (FAFSA) must be completed for the student before you apply for a Federal Direct PLUS loans.
  • Students must complete an MPN (Master Promissory Note)
    The MPN is completed online using your Federal PIN, which is the same PIN used to sign the FAFSA electronically. If you do not have or cannot recall your PIN, request a new (or duplicate) PIN from the Federal Student Aid PIN website. As the parent of the student, you will need to sign with your own   parent PIN. You cannot use your son or daughter's PIN. Allow up to 10 business days to receive your PIN.
    Completing a Master Promissory Note (PowerPoint Presentation)
  • For additional information, please download the PDF titled Graduate Student Federal Direct PLUS Loan

 

Resources for Students/Borrowers