Federal Direct Parent Loan for Undergraduate Students (PLUS) Program
Parents with good credit histories may borrow from the Direct PLUS Program. Funds can be borrowed on behalf of each dependent child who is enrolled at least half-time in an undergraduate program. The annual loan limit is the student's cost of education minus estimated or actual financial aid. Among the features of the PLUS program is a fixed 7.9% interest rate, in-school payment deferment, and fixed monthly payments.
For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or defering payment for up to six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled at least half-time.
The USF deadline to apply for a parent PLUS loan in any academic year (Fall, Spring, Summer) is November 1 if the student is enrolled through Fall only, April 1 if the student is enrolled through Spring, and July 1 if the student is enrolled through Summer.
Information and instructions on the Master Promissory Note requirement can be found by clicking on the "Federal Loan Promissory Notes" link to the right of this page.
Click here for additional information on the Federal parent PLUS loan program on the Department of Education's financial aid web page.
The FAFSA is required so that the student's eligibility for aid can be determined before the family makes the decision to borrow.
If you are interested in applying for the parent PLUS loan, please print the application from our forms page.
Federal Direct Plus Loans For Graduate and Professional Students
The Budget Reconciliation Act of 2005, passed by the Congress and signed by the President in March 2006, authorizes graduate and professional students to borrow from the Federal Direct PLUS program.
The Federal Direct PLUS program allows eligible graduate and professional students to borrow up to the cost of attendance less any other aid they’ve been awarded. To be eligible to borrow from PLUS, graduate and professional students must file the Free Application for Federal Student Aid (FAFSA) and must first borrow from the Subsidized and/or Unsubsidized Federal Student Loan program. Among the features of the PLUS program is a fixed 7.9% interest rate, in-school payment deferment, and fixed monthly payments. PLUS loans can be consolidated with other federal student loans and may be a good alternative to private education loan programs for some student borrowers.
The USF deadline to apply for a Graduate PLUS loan in any academic year (Fall, Spring, Summer) is November 1 if the student is enrolled through Fall only, April 1 if the student is enrolled through Spring, and July 1 if the student is enrolled through Summer.
Information and instructions on the Master Promissory Note requirement can be found by clicking on the "Federal Loan Promissory Notes" link to the right of this page.
Click here for questions and answers about Direct PLUS Loans for Graduate and Professional Students on the Department of Education's financial aid web page.
If you are interested in applying for a Grad PLUS loan, please print the application from our forms page.
Select the appropriate PLUS Loan Pre-Application for your particular degree program (Graduate or Law), and complete and return it to the Financial Aid office.
