Federal PLUS Loans

Federal PLUS Loans for Parents

• If you are a dependent student, a PLUS loan enables your parents or stepparents (but not your legal guardians) to borrow up to the total cost of your undergraduate study, minus any other aid you may receive
• Not based on your family’s income or assets
• You must be enrolled at least half time
• Parent PLUS brochure (pdf)
• PLUS Loan Dollars and Sense flyer (pdf)

Federal Graduate PLUS Loans

• Graduate or professional students can borrow up to the total cost of their education, less any other aid they may receive, including any federal Stafford loans
• Not based on your income or assets
• You must be enrolled at least half time
• Grad PLUS brochure (pdf)

A Closer Look at Federal PLUS Loans

What are the requirements?

Parent PLUS:

• You must be a dependent student.
• You and your parents must meet the requirements for federal financial aid.
• Your parents must meet credit eligibility requirements.

Graduate PLUS:

• You must meet the general federal requirements.
• You must meet credit eligibility requirements.
• Your eligibility for a federal subsidized and an unsubsidized Stafford loan must be determined before you can apply.

How do you apply?

Your parents will need to complete a federal PLUS loan application and should contact your college for more information. You should also submit the FAFSA to see if you’re eligible for other types of financial aid.

What’s the interest rate?

See our federal interest rates and loan limits chart for the most up-to-date interest rate information (PDF).

When does repayment begin?

The first payment is due within 60 days of the loan’s last disbursement; however, you can request a deferment to postpone repaying your PLUS loan (and any Stafford loan). To qualify, the student must be pursuing a degree, enrolled at least half time, or in the six-month post-enrollment period.

What are the credit eligibility requirements?

• You cannot have any debts that are delinquent 90 days or more.
• You cannot have any defaulted loans, outstanding tax liens, unpaid judgments, or any bankruptcy, foreclosure or wage garnishment within the past five years.
• If you cannot meet the credit check, you may still receive a PLUS loan if you know someone who can and who is willing to co-sign your loan.

Loan Cancellation

In rare cases, your loan, or a portion of it, may be canceled — in other words, you won’t have to pay it back. Circumstances under which your lender may cancel your loan:

• if your college closes and you’re unable to complete your studies;
• if your college falsely certified your eligibility for a loan;
• if your identity was stolen and used illegally to take out student loans;
• if your college failed to make a refund to your lender when one was due (you don’t need to repay the amount kept by the college); or
• if you become totally and permanently disabled or die.

To learn more, contact the Direct Loan Servicing Center.

Remember, even if you don't graduate, can't find a job or aren't happy with the education, you still must repay your loan.