Borrowers

Get a PLUS Loan

The Federal PLUS Loan Program provides loans to parents or stepparents of eligible dependent undergraduate students or to graduate/professional students who need additional financial aid to pay college expenses. Eligibility is not based on income. This program is intended to supplement the Federal Stafford Loan Program.

Parent Eligibility Criteria

To be eligible for a Federal PLUS Loan, you must:

  • Be the natural parent, adoptive parent, or stepparent (if income and assets were used in need analysis determination) of a "dependent student" as determined by the school.
  • Be a citizen, permanent resident, or eligible noncitizen of the United States and verify your Social Security number and immigration status.
  • Not be in default or owe a refund on any educational grant or loan.
  • Not have an adverse credit history under federal regulations.

Undergraduate Student Eligibility Criteria

To be an eligible student with the parent as the borrower, you must:

  • Be determined by the school to be a "dependent" student.
  • Be a citizen, permanent resident or eligible noncitizen of the United States.
  • Be enrolled or accepted for enrollment at least half–time in an eligible degree or certificate program at an eligible institution.
  • Be in good standing and making satisfactory academic progress if currently enrolled.
  • Not be attending elementary or secondary school.
  • Not be in default or owe a refund on any educational grant or loan unless satisfactory arrangements have been made toward repayment of the debt.

Graduate/Professional Student Eligibility Criteria

To be eligible for a PLUS Loan, you must:

  • Be a citizen, permanent resident or eligible noncitizen of the United States and verify your Social Security number and immigration status.
  • Not be in default or owe a refund on any educational grant or loan.
  • Not have an adverse credit history under federal regulations.

Interest Rate

All PLUS Loans have an interest rate tied to the yield on 10–year Treasury notes. That means the interest parents and graduate and professional–level students pay will probably change from year to year.

Fees Paid by the Borrower

You will be charged a 4.272 percent fee for the loan. The fee is deducted from the loan proceeds. If you take out a $5,000 PLUS Loan, you will pay a $213.60 fee and will receive $4,786.40.

Loan Limits

The most a borrower can receive is the difference between the cost of attendance as set by the school and the amount of any other financial aid (scholarships, grants, work–study, Stafford Loans) the student has been awarded. There are no aggregate loan limits.

Loan Proceeds

The school will first apply the PLUS Loan funds to the student's school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, they will be sent to the parent borrower, unless the parent authorizes the school to hold the funds or release them to the student. Any remaining loan funds must be used for the student's education expense

Repayment

Use the Loan Payment Calculator to get an idea of what your monthly loan payment will be when you enter repayment.

Applications and More Information

Applications for Federal PLUS Loans can be obtained from financial aid offices at participating colleges.