Federal Direct Parent Loan for Undergraduate Students (PLUS)

Loan Program Highlights

• Easy and convenient in-school processing for quick disbursement
  • Two-step process for new borrowers: The completion of a PLUS Loan Application and the Master Promissory Note A parent will need their Federal Student Aid (FSA) ID to complete these steps. Once on the site, a parent will select the “Parent Borrowers” option followed by the “Request a Direct PLUS Loan” option to begin the process
  • One-step process for repeat borrowers (completion of a PLUS loan application only)
  • Online Master Promissory Note allows for added borrowing without signing a new note. Parent FSA ID will be used for signature
• Loans range up to the total cost of college, including travel and personal expenses
• Parent must not have an adverse credit history
• Unsecured loan, not based on family income
• Loans borrowed from July 1, 2023 to June 30, 2024 – fixed 8.05% interest rate
• Origination fee of 4.228% starting October 1, 2020. This rate will be retained starting October 1, 2023.
• Borrower can elect to defer this loan while the student is enrolled at least half-time through use of a Deferment Form available from their loan servicer
• Loan Servicing is handled by a U.S. Department of Education contractor. Loans are submitted to a contractor for servicing once they have been disbursed to the student’s account