PLUS (Parent Loan for Undergraduate Students)
Federal Direct Loans in which the parent of a dependent student is the applicant/borrower.
The amount borrowed on a PLUS Loan can be as high as the cost of education minus all other aid. A credit check is required to determine eligibility. Parent borrowers must complete a PLUS application and a Master Promissory Note (MPN) at studentaid.gov.
There is a fixed interest rate of 5.30% for Direct PLUS Loans for the 2020-2021 academic year. An origination fee of 4.228% is deducted from each disbursement. Repayment begins 60 days after the last disbursement of the loan. For additional information please visit the Federal Student Aid website.