The interest rate for Parent Direct PLUS and the Graduate Direct PLUS is fixed at 7 percent with a loan fee of 4.276 percent of the principal amount charged for each Direct PLUS Loan you borrow.
Direct PLUS Loan for Parents is a loan in the parents’ name for dependent undergraduate students enrolled at least half-time in a degree program. It is not necessary to demonstrate financial need in order to receive a PLUS Loan, however the student must file a Free Application for Federal Student Aid (FAFSA). Filing the FAFSA may qualify the student for federal and Institutional aid. Approval for the PLUS Loan is based on good credit. The maximum PLUS Loan amount that parents can borrow on a yearly basis is the cost of education minus any other financial aid received.
Direct Graduate PLUS Loan is a loan in the student's name for graduate and professional studies. For a graduate or professional student to receive a Federal PLUS Loan they must file the Free Application for Federal Student Aid (FAFSA) that provides consideration for unsubsidized Federal Direct Loan. Approval for the PLUS Loan is based on good credit and the student being enrolled at least half-time in a graduate or professional degree program.
To apply for the Direct PLUS Loan or the Graduate Direct PLUS Loan, you need to:
Students should not consider borrowing private student loans until they have exhausted their maximum federal student loan eligibility. The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program.
You should consider a private loan if any of the following situations apply:
Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. The criteria listed below will be reviewed periodically to determine if loan programs may be added to, or removed from, the list of programs.
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