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Federal PLUS Loan

The Federal PLUS Loan (Parent Loan for Undergraduate Students) enables a parent to borrow as much as the total cost of attendance for the academic year, less any financial aid awarded. The parent borrower has a maximum of 10 years to repay the loan. The interest rate is fixed at 7.00 percent for loans disbursed between July 1, 2017 and June 30, 2018.  This interest rate will remain in effect for the life of the loan.  The federal government will announce the interest rate each June for loans disbursed during the upcoming academic year starting on July 1.  For all disbursements after October 1, 2016 and before October 1, 2017 there is a loan fee of 4.276 percent. PLUS Loan funds are disbursed to the student’s account at the beginning of each semester. The loan amount will be divided evenly between each semester of enrollment during the academic year. For more information, visit http://studentloans.gov.