FEDERAL DIRECT PARENT LOAN (PLUS)
The Federal Direct PLUS Loan is a low-interest loan available to parents of dependent undergraduate students and to graduate students. It can be used to borrow additional funds up to the total cost of attendance, minus any financial aid that has already been offered.
To be eligible for a Federal Direct PLUS Loan, the parent and the student must be U.S. citizens or permanent residents. Students must also be enrolled at least half-time. For more information about PLUS loan eligibility requirements, visit the Department of Education’s PLUS Loan website.
How to Apply
Three steps are required to apply for a Federal Direct PLUS Loan.
Federal School Code: 003432
| YEAR: | DEPENDENT STUDENTS: | INDEPENDENT STUDENTS (or Dependent undergraduate students whose parents are denied PLUS loan) |
|---|---|---|
| First-Year Undergraduate | $5,500-No more than $3,500 of this amount may be in subsidized loans. | $9,500-No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate | $6,500-No more than $4,500 of this amount may be in subsidized loans. | $10,500-No more than $4,500 of this amount may be in subsidized loans. |
| Third Year and Beyond Undergraduate | $7,500 per year-No more than $5,500 of this amount may be in subsidized loans. | $12,500-No more than $5,500 of this amount may be in subsidized loans. |
| Graduate | N/A All graduate and professional students are considered independent | $20,500 (unsubsidized only). |
| STUDENT TYPE: | SUBSIDIZED: | UNSUBSIDIZED: | COMBINED: |
|---|---|---|---|
| Undergraduate (Dependent) | $23,000 | $8,000 | $31,000 |
| Undergraduate (Independent or Dependent with PLUS Loan Denial) | $23,000 | $34,500 | $57,500 |
| Graduate | $65,500 | $73,000 | $138,500 |
| LOAN TYPE: | DISBURSAL DATE: | INTEREST RATE: |
|---|---|---|
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | After July 1, 2019 and before July 1, 2020 After July 1, 2020 and before July 1, 2021 | 4.53% 2.75% |
| Direct Unsubsidized Loans for Graduate and Professional Students | After July 1, 2019 and before July 1, 2020 After July 1, 2020 and before July 1, 2022 | 6.08% 4.30% |
| Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students | After July 1, 2019 and before July 1, 2020 After July 1, 2020 and before July 1, 2023 | 7.08% 5.30% |
| LOAN TYPE: | DISBURSAL DATE: | LOAN FEE PERCENT: |
|---|---|---|
| Direct PLUS Loans (Parent and Graduate or Professional Students) | On or after October 1, 2019 and before October 1, 2020 On or after October 1, 2020 and before October 1, 2021 | 4.236% 4.228% |
| Direct Subsidized Loans and Direct Unsubsidized Loans | On or after October 1, 2019 and before October 1, 2020 On or after October 1, 2020 and before October 1, 2022 | 1.059% 1.057% |