Skip to main content

Secondary navigation:

Federal Direct PLUS Loans

Please note: Some of these files are Adobe Reader® (PDF) formatted files. To view them, you will need to download the free Adobe Reader.

Please note: Some of these files are Microsoft Powerpoint formatted files. To view them, you will need to download the free Powerpoint Slide Viewer.

 

 

 

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.
  • Interest rate is 6.31% fixed during repayment for loans disbursed on or after July 1, 2016.
    Interest starts accruing at the loan’s first disbursement.
    Rates are annually reset by the federal government on July 1.
  • Origination fee will increase to 4.276% for loans disbursed on or after Oct. 1, 2016, and before Oct. 1, 2017.
  • 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 FSA ID. As the parent of the student, you will need to sign with your own parent FSA ID and cannot use your son or daughter's FSA ID.
    Completing a Master Promissory Note (PowerPoint Presentation)


Graduate Direct PLUS Loan

  • Apply for a Federal Direct PLUS through the U.S. Department of Education.
  • Interest rate is 6.31% fixed during repayment for loans disbursed on or after July 1, 2016.
    Interest starts accruing at the loan’s first disbursement.
    Rates are annually reset by the federal government on July 1.
  • Origination fee will increase to 4.276% for loans disbursed on or after Oct. 1, 2016, and before Oct. 1, 2017.
  • 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)
    To complete an MPN online, you will be required to use your FSA ID
    Completing a Master Promissory Note (PowerPoint Presentation)

 

Resources for Students/Borrowers

  • Direct.ed.gov — The U.S. Department of Education's Direct Loan homepage
  • StudentLoans.gov — The U.S. Department of Education's portal for Direct Loan borrowers
  • Locate/Repay your Federal Student Loan — Student Access to the National Student Loan Data System (NSLDS)
  • The Department of Education's Direct Loan Applicant Services hotline: 800-557-7394
  • www.studentaid.ed.gov—The U.S. Department of Education’s informational website on federal funding