Federal Direct PLUS Loans

Parents of dependent students may apply for a Direct PLUS Loan to help pay for their student’s education as long as certain eligibility requirements are met. To be eligible for a Direct PLUS Loan for parents:

  • The student for whom the parent is borrowing the PLUS Loan must have filed a FAFSA.

  • The parent borrower must be the student’s biological or adoptive parent, or stepparent.

  • The student must be a dependent student who is enrolled at least half-time.

  • The parent borrower must not have an adverse credit history. If the parent does not pass the credit check, the parent may still be able to borrow the loan if someone agrees to endorse the loan. The endorser promises to repay the loan if the parent borrower fails to do so.

  • The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loan, or owe an overpayment on a federal education grant, and must meet other general eligibility.

Parents may borrow up to the cost of attendance minus other financial aid received. The interest rate is fixed at 6.41% and interest is charged from the date of the first disbursement until the loan is paid in full.  Interest rates will be determined on an annual basis, however rates for the specific academic year borrowed will be fixed for the life of the loan. An origination fee is deducted proportionately each time a disbursement is made.

Borrowing a Direct Parent PLUS Loan: Master Promissory Note & PLUS Request Process

  • The parent must complete a Direct PLUS Loan Master Promissory Note (MPN) online at www.studentloans.gov using the parent borrower’s FAFSA PIN. The MPN is a legal document in which the parent borrower promises to repay the loan and any accrued interest and fees to the U.S. Department of Education. The MPN explains the terms and conditions of the loan and can be used for loans that a parent receives over a period of multiple academic years.

  • The Direct PLUS Loan Request must also be completed online at www.studentloans.gov using the parent borrower’s FAFSA PIN. Once logged parents may click on the "Request Direct PLUS Loan" link.  This online process must be completed each year that a parent borrows a PLUS Loan.

  • Previous borrowers of a Direct PLUS Loan (for the same student) only need to "Request Direct PLUS Loan" at www.studentloans.gov since there is already an MPN on file for that parent.