PLUS Loans are available for eligible parents of students on financial aid, and also to eligible graduate degree and professional degree students.
The interest rate for Direct PLUS Loans is a fixed rate of 7%. Interest is charged in Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
Visit our Parents page for more information on the Parent PLUS Loan process.
Graduate and professional degree students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Repayment of the loan begins on the date of the last disbursement of the loan, and the loan accrues interest at a fixed interest rate of 7%. nnApplicants are required to complete the FAFSA and must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.