The Federal PLUS loan is a credit-based loan available to graduate students and to parents of undergraduate, dependent students. Borrowers who are approved may borrow up to the full cost of attendance, minus other financial aid.
Repayment on Federal PLUS loans begins within 60 days after the final disbursement of the loan.
The Federal PLUS loan interest rate is a fixed 6.41% for the 2013-2014 academic year.
The Federal PLUS loan interest rate is a fixed 7.21% for the 2014-2015 academic year.
The Federal PLUS Loan origination fee is 4.292%
Beginning October 1st, 2015 the Federal PLUS Loan origination fee will be 4.272%
*The 2015-2016 PLUS Application will be available on studenloans.gov on July 1, 2015
Federal Parent PLUS loans that were disbursed after July 1st, 2008 may be defered while the student is enrolled at least half-time.
PLUS loans that were disbursed before July 1st, 2008 may be defered if the parent borrower is:
PLUS loan borrowers who don't meet any of the above criteria, but who still are having difficulty making their loan payments, may appeal to the Federal Direct Loan Servicer for forbearance to temporarily reduce or delay their loan payments. In either case, interest will continue to accrue during the period of deferment or forbearance.