Federal Direct PLUS Loan: How to Apply
To apply for a Federal Direct PLUS Loan, you will need to log in to the U.S. Department of Education’s Direct Lending website to:
- Request the loan (a credit check will occur) and
- Complete a Master Promissory Note.
You will need to sign in using your SSN, date of birth, and federally assigned PIN, which is the same number used to electronically sign the FAFSA.
- Your student must file a FAFSA before we can originate your PLUS Loan.
- The maximum PLUS Loan amount is the student’s Cost of Attendance minus any other financial aid she/he is eligible to receive. If you apply for an amount exceeding this maximum, we will reduce your loan at the time of origination.
- Federal PLUS Loan funds will be evenly divided over the student’s academic year, unless the loan period given on your application indicates differently.
- The PLUS Loan origination fee is 4.288%. Since this fee is deducted before loan funds are disbursed, the amount released will be 4.288% less than the actual loan. The origination fee will increase to 4.292% for loans first disbursed on or after October 1, 2014.
- The interest rate is fixed at 6.41% for loans first disbursed between July 1, 2013 and June 30, 2014. The interest rate will be 7.21% for loans first disbursed between July 1, 2014 and June 30, 2015.