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Financial Aid & Scholarship Office

Federal Direct PLUS Loans

Parent Loans for Undergraduate Students (PLUS)


Direct PLUS loans are available to your parents if you are a dependent undergraduate student enrolled at least half-time (six units or more). Your parent may borrow an amount up to the cost of attendance minus any other aid you are receiving.

To qualify for the Direct PLUS loan, borrowers will need to pass a modest credit check and meet general eligibility requirements. Borrowers must be citizens or eligible non-citizens and cannot be in default or owe a refund to any federal student aid program.

How to Apply for a Direct PLUS Loan

Parent must apply for PLUS loan online at Federal Student Aid(opens in new window). Parents will be notified within 48 hours as to the status of the credit check. PLUS Loan processing can take up to 10 weeks. PLUS Loan borrowers are required to complete one PLUS Master Promissory Note unless the PLUS Loan is approved with an endorser, in which a new promissory note is required for each loan approved. If you are applying for a PLUS loan for multiple children attending college, a separate master promissory note is required for each child regardless of approval status. Parent borrowers may also be required to complete PLUS Loan Counseling if they were approved for the loan through documented extenuating circumstances or by obtaining an endorser.

If the PLUS loan is denied, dependent students may be eligible for additional unsubsidized loan, and can contact the Financial Aid & Scholarship Office for more information.


Interest Rates for Direct PLUS Loan

The 2020/21 interest rate for Direct PLUS Loans is 5.30% and is fixed for the life of the loan. Interest rates may change slightly each year beginning July 1. Visit https://studentaid.gov/understand-aid/types/loans/interest-rates for the current PLUS Loan origination rate.

Receive Funds by e-Refund (Direct Deposit)

Parent PLUS Loans will first be applied towards any fee balance the student owes. If an amount remains after fees are paid, the balance can be sent to either the Parent or the Student. Students can enroll in e-refund through their Student Center or the parent borrower can receive the PLUS Loan balance by completing the Parent PLUS Loan Direct Deposit form (PDF) (PDF) with their account information and attach a preprinted, voided check. 

Repayment

Repayment begins 60 days after the final disbursement of the loan. However, Direct PLUS Loans may be deferred while the student is enrolled in at least half-time, and for an additional 6 months after the student graduates or drops below half-time enrollment. Interest will accrue and may be paid monthly during periods of deferment. Unpaid interest will be added to the principal (capitalized) at the end of the deferment period. Also see Loan Term and Financial Management Information for explanation of loan terms.


Graduate PLUS Loans


Graduate students enrolled in a Master’s Program at least half-time. This loan is typically for Graduate students who have reached their annual Subsidized and Unsubsidized Direct Stafford Loan limits and need additional loan to pay for the cost of attending college. Students who have already been offered enough financial aid to cover their Cost of Attendance will not be eligible for the Graduate PLUS Loan.

To qualify for the Graduate PLUS loan, borrowers will need to pass a modest credit check. Repayment begins within 60 days after the loan is fully disbursed. Students may request a deferment if enrolled at least half-time.

Interest Rates for Direct Graduate PLUS Loan

The 2020/21 interest rate for Direct Graduate PLUS Loans is 5.30% and is fixed for the life of the loan. Interest rates may change slightly each year beginning July 1. Visit https://studentaid.gov/understand-aid/types/loans/interest-rates for the current PLUS Loan origination rate.

How to Apply for a Direct Graduate PLUS Loan

To apply, complete a Student-Federal Direct Loan Application and be sure to check box #5: "If the amount I request exceeds my eligibility for subsidized and unsubsidized Federal Direct Stafford Loan, I want to borrow a Direct Graduate PLUS." You will also be required to complete a Graduate PLUS Master Promissory Note and Loan Entrance Counseling. A new promissory note and additional PLUS Credit Counseling is required for each loan approved through extenuating circumstances or by obtaining an endorser. This additional PLUS Credit Counseling is separate and distinct from the Loan Entrance Counseling all Graduate PLUS Loan borrowers must complete.