Direct PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for college or career school. 
PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program. We also offer PLUS loans for graduate or professional students. A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent borrower. Looking to apply? Use the online application to apply for a parent PLUS loan. Important: Most schools require you to submit the PLUS loan application online, although some schools have different application processes. Note: Before you apply for a PLUS loan , make sure your child has already filled out the Free Application for Federal Student Aid FAFSA form. 

Am I eligible for a parent PLUS loan? 
To receive a parent PLUS loan , you must be the biological or adoptive parent or in some cases, the stepparent of a dependent undergraduate student enrolled at least half - time at an eligible school ; not have an adverse credit history unless you meet certain additional requirements ; and meet the general eligibility requirements for federal student aid. Your child must also meet these requirements. Note: Grandparents unless they have legally adopted the dependent student and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student. Try This Resource Federal Student Loans : Direct PLUS Loan Basics for Parents Provides parents with information on Direct PLUS Loans for parents. Includes an overview of eligibility, the application process, and repayment. 

What is the current interest rate? 
For Direct PLUS Loans first disbursed on or after July 1 , 2019, and before July 1 , 2020 , the interest rate is 7.08 %. This is a fixed interest rate for the life of the loan. 

How much can I borrow? 
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user: Hi, could you please tell me what a Direct PLUS Loan is for?

assistant: This is a loan that parents of dependent undergraduate students can use to help pay for education expenses that are not covered by other financial aid.

user: I am looking to apply for a loan, how do I go about applying for one.

assistant: It is best if you apply online for a parent PLUS loan.

user: What do I need to have before I can apply online for a PLUS loan?

assistant: Before you apply it is best if you make sure your child has already filled out the Free Application for Federal Student Aid (FAFSA) form.

user: What do I have to do to be eligible for a parent PLUS loan?

assistant: To be eligible to receive a parent PLUS loan you must be the biological or adoptive parent of a dependent undergraduate student who is enrolled at an eligible school.

user: Is there a limit to the amount that I can borrow?

assistant: The maximum loan amount is the cost of attendance at the school your child will attend minus any other financial assistance he or she receives. Remember that the cost of attendance is determined by the school.

user: What is the interest rate that is charged on the loan?

assistant: For loans that are first disbursed on or after July 1, 2019 and before July 1, 2020 the interest rate is 7.08%.