Overview: Federal Direct PLUS Loans
The Federal Direct PLUS Loan Program are for graduate students and the parents of dependent undergraduate students who meet the following criteria:
- Enrolled in an eligible degree-seeking program
- Enrolled at least half-time (6 credits for undergraduate students, 6 credits for professional students, 4 credits for graduate students)
The lender is the U.S. Department of Education rather than a bank or other financial institution. There are two types of federal Direct PLUS loans and your eligibility for both is determined using your financial aid application.
Interest rate for the 2014-2015 academic year, as of July 1, 2014:
- PLUS loans have a 7.21% fixed interest rate
- For loans disbursed on or after October 1st, 2014, the loan fee will be 4.292%. The loan fee will be proportionately deducted from each loan disbursement.
Interest rate for the 2013-2014 academic year, as of July 1, 2013:
- PLUS loans have a 6.41% fixed interest rate
- In addition to the interest rate, there is a 4.288% loan fee charge for loans disbursed from December 1, 2013 to September 30th, 2014. The loan fee will be proportionately deducted from each loan disbursement.
Please click on the links below to view information for the Federal Direct PLUS Loans: