Federal PLUS Loans are non-need, credit based loans made to the parents of dependent students. Graduate PLUS Loans are available for graduate and professional students. Independent undergraduate students are not eligible to receive a PLUS Loan. Parents may borrow up to the cost of education, less any other financial assistance received during the loan period.

The Federal PLUS Loan was disbursed through the Federal Family Education Loan Program (FFELP) prior to the 2010-11 academic year, when the program was switched to the Federal Direct Loan Program.

For loans disbursed on or after July 1, 2006 through the summer 2010 academic session, the interest rate was fixed at 8.50%. For loans disbursed on or after July 1, 1998, the interest rate was variable, based upon the bond equivalent rate of the 91 day T-bill, plus 3.1%. The variable rate was capped at 9%. Previous PLUS loans may have a different interest rate depending upon when the loan was first disbursed. For loans disbursed during the fall 2010 academic session and beyond, the interest rate is fixed at 7.90%.

For parent PLUS Loans, repayment begins within 60 days after the loan is fully disbursed or parents may request a deferment for repayment until six months after the dependent student ceases to be enrolled on at least a half-time basis by contacting their lender directly. The repayment period can be extended up to 10 years with minimum monthly payments to be arranged with the lender.

PLUS Loans will be disbursed in at least two installments, generally to coincide with the beginning of the enrollment period covered by the loan. Equal installments of your loan will be disbursed at the start of each semester if your loans cover multiple semesters. A loan that covers only one semester or term, however, will be disbursed in full at the beginning of the semester or term. The Student Loan Accounting Office of the Bursar handles all PLUS loan disbursements. Questions regarding the handling of disbursements should be directed to that office. Parents/students are advised to exhaust their eligibility for other federal student aid programs before considering the PLUS Loan.

For more information about the Federal PLUS Loan program, including how to apply, click here