Loans - Federal Direct PLUS Loans
Federal Direct PLUS Loans are fixed-rate loans provided by the Department of Education to graduate students and parents of dependent undergraduate students. The lender must perform a minimal check of the borrower’s credit history. There is a 10-year repayment schedule and deferment options do exist. For graduate students, payments are automatically deferred while in school. All Undergraduate and Graduate students MUST file a FAFSA in order for their eligibility to be determined.
How to apply
You must apply for a Federal Direct PLUS loan through our office by filling out the Federal Direct PLUS Loan Application. Print the application and return it, completely filled out, to our office.
If you cannot view the PDF documents, please contact the office for a hard copy.Entrance Counseling
Entrance counseling is required ONLY for the Grad-PLUS Loan. Parents of undergraduate dependent students do not need to complete entrance counseling.
- Complete on-line Direct Grad-PLUS Entrance Counseling (to be completed the first time you borrow a Grad-PLUS Loan)
Fees & Interest
The origination fee for a Federal Direct PLUS Loan is 4%, however, the Department of Education is offering a rebate of 1.5% on this fee, so you will only be responsible for the remaining 2.5% origination fee on your loan. You do not need to do anything additional to receive this rebate.
The Federal Direct PLUS Loan has an interest rate of 7.9%
Parent PLUS Loan Denial
(for parents of undergraduate dependent students)
If a parent is denied a Parent Direct PLUS Loan, the student can be treated as an independent student and may be eligible for additional Unsubsidized Stafford Loans.