Parent PLUS Loans (for dependent undergraduates only)

  • Available to parents of dependent undergraduate
  • Contingent on credit approval by the U.S. Department of Education.
  • Repayment begins 60 days after disbursement OR can be deferred while the student is in school.
  • Parents cannot transfer PLUS repayment responsibilities to the student.
  • Parents must submit an application to initiate a credit check, which is valid for 90 days.
  • Fixed interest rate: 6.28% for 2021-2022

Graduate PLUS Loans

  • Available to graduate/professional students
  • Contingent on credit approval by the U.S. Department of Education.
  • Repayment begins 6 months after graduating, leaving school or after dropping below half-time enrollment.
  • Students in professional programs must enroll in at least 6 credit hours and Graduate students must be enrolled at least 5 credit hours to be eligible.
  • A FAFSA serves as the application for grad/professional students.
  • Fixed interest rate: 6.28% for 2021-2022

Interest Rates

Interest rates for Federal Direct Stafford loans are fixed but can change annually. See complete interest rate information here.

Origination Fees

There is approximately a 4% origination fee for Federal PLUS loans.

Loan Requirements

PLUS Master Promissory Note (MPN)

The borrower must sign a Master Promissory Note (MPN) agreeing to repay the loan with interest.

Graduate Entrance Counseling

For graduate and professional students, Graduate Entrance Counseling MUST be completed prior to disbursement. The counseling session and quiz help students understand their loan responsibilities.

Credit Approval

If the borrower does not pass the credit check, they may secure an endorser to co-sign the loan. The endorser must complete all requirements and agree to repay the loan if the borrower cannot. The borrower may also document extenuating circumstances to appeal the credit check.

Direct Loan Exit Counseling

Students must complete Direct Loan Exit Counseling upon leaving school.