Federal PLUS Loan
How To Apply
First-Time Borrowers
- Register for a Department of Education FSA ID, if you do not have one already. Keep track of your username/password combination, as you will need to use it in future academic years.
- Submit a 2024-25 FAFSA if you haven't already.
- Complete the online Master Promissory Note on the StudentAid.gov website. You'll need your FSA ID in order to log in.
- Fill out the 2024-25 PLUS Loan Request form. Ensure that the borrower's information exactly matches the information from the Master Promissory Note.
Renewing Borrowers
Fill out the 2024-25 PLUS Loan Request form. Submit a 2024-25 FAFSA if you haven't already.
Note: The loan amount you request will be disbursed in three equal payments, one per term.
Eligibility
Federal PLUS Loans may be awarded to graduate students or the parents of an undergraduate student. The student must be eligible for Federal Student Aid (most domestic students). The borrower (parents or graduate student) must not have adverse credit history; he or she will be subject to a credit check in the application process.
Interest Rate
The interest rates on PLUS loans are now linked to the yield on the 10-year Treasury Note. This means that economic factors will determine the interest rates for loans borrowed in any given year. The interest rates on these loans are fixed, and will not change after the loan has been disbursed.
| Academic Year | Interest Rate |
|---|---|
| 2024-25 | 9.08% |
| 2023-24 | 8.05% |
| 2022-23 | 7.54% |
| 2021-22 | 6.28% |
| 2020-21 | 5.30% |
| 2019-20 | 7.08% |
PLUS loans are also subject to a loan fee, which is a percentage of the loan amount. Loans are assigned a fee percentage based on the date their first disbursement is made.
| First Disbursement Made | Loan Fee |
|---|---|
| Oct. 1, 2020 - Sep. 30, 2025 | 4.228% |
| Oct. 1, 2019 - Sep. 30, 2020 | 4.236% |
| Oct. 1, 2018 - Sep. 30, 2019 | 4.248% |
Borrowing Limit
PLUS Loans may be awarded up to the total cost of attendance minus any other financial assistance received.
Subsidies
Interest will accrue on PLUS Loans at all times, though interest will not need to be paid until the loan enters repayment.
Repayment
Parents
PLUS Loans will enter repayment 60 days after the loan is fully disbursed. Parents may request a deferment from their loan servicer while their student is enrolled in school at least half-time and up to six months afterwards. Once the deferment is over, the loan will need to be repaid.
Graduate Students
PLUS Loans will be placed into deferment until six months after a student stops attending school at least half-time. Once the deferment is over, the loan will need to be repaid.