Federal PLUS Loan

How to apply for a Federal PLUS Loan

Through the Federal PLUS Loan Program, parents may borrow up to the annual cost of attendance minus any aid the student receives for the year. Eligibility for a PLUS Loan is based on a parent’s creditworthiness and not on need.

To apply for a PLUS Loan:

  1. Student (not parent) completes the FAFSA at: Studentaid.gov
  2. Parent initiates a credit authorization at: Federal Direct PLUS Loan Application
  3. Parent signs a master promissory note at: Federal Direct PLUS Loan Application

Parents should start the application process sometime in July to meet fall semester deadlines, since lender processing can take several weeks.

We encourage families to plan ahead to borrow the full amount needed for the year and have the amount disbursed in two payments rather than reapplying each semester. This arrangement expedites the process and can also defer loan repayment, since repayment begins 60 days after the final loan disbursement is made.