FEDERAL DIRECT PLUS LOAN INFORMATION
FOR PARENTS
PLUS loans enable parents with good credit histories to borrow on behalf of each child who is a dependent undergraduate student enrolled at least half time. PLUS loans are available through the Department of Education
| Candidates: |
Parents of Dependent Students |
|---|---|
| Loan Maximum: |
You may borrow up to the cost of education minus other financial aid awarded, as determined by the Financial Aid Office. For example, if the school's cost of attendance is $10,000 and the student is eligible for $5,000 in other aid, you may borrow up to $5,000 through a Federal Direct PLUS loan. |
| Required Forms: | |
| Interest Rate: |
The Federal PLUS Loan has a fixed interest rate effective July 1, 2006, PLUS loans first disbursed on or after July 1, 2006, have an interest rate of 7.90%. |
| Repayment Information: | Between 10 and 25 years to repay depending on the amount owed and the type of repayment plan selected |
