Federal PLUS Loan
How To Apply
PLUS Loan applications must complete a 2026-27 FAFSA and a separate loan application. If you are interested in applying for a PLUS Loan, please contact us.
Note: The loan amount you request will be disbursed in three equal payments, one per term.
Eligibility
Federal PLUS Loans may be awarded to the parents of an undergraduate student. Graduate students who previously borrowed a federal Direct Loan prior to July 1, 2026, and remain continuously enrolled in the same program may continue to access Graduate PLUS Loans under legacy provisions (see Borrowing Limits below). Graduate PLUS Loans are not available to new graduate borrowers.
The student must be eligible for Federal Student Aid (most domestic students). The borrower must not have adverse credit history and will be subject to a credit check during the application process.
Interest Rate
The interest rates on PLUS loans are now linked to the yield on the 10-year Treasury Note. This means that economic factors will determine the interest rates for loans borrowed in any given year. The interest rates on these loans are fixed, and will not change after the loan has been disbursed.
| Academic Year | Interest Rate |
|---|---|
| 2026-27 | 9.07% |
| 2025-26 | 8.94% |
| 2024-25 | 9.08% |
| 2023-24 | 8.05% |
| 2022-23 | 7.54% |
PLUS loans are also subject to a loan fee, which is a percentage of the loan amount. Loans are assigned a fee percentage based on the date their first disbursement is made.
| First Disbursement Made | Loan Fee |
|---|---|
| Oct. 1, 2020 - Sep. 30, 2027 | 4.228% |
| Oct. 1, 2019 - Sep. 30, 2020 | 4.236% |
| Oct. 1, 2018 - Sep. 30, 2019 | 4.248% |
Borrowing Limit
Parent PLUS Loans
New borrowers (parents who did not have a Parent PLUS Loan disbursed prior to July 1, 2026): The combined annual borrowing limit for all parents is $20,000 per year per dependent student, with a $65,000 lifetime aggregate limit per dependent student. These limits apply to all parents combined — if two parents borrow for the same student, their combined borrowing may not exceed these caps.
Legacy borrowers (parents who had a Parent PLUS Loan disbursed prior to July 1, 2026, for a student enrolled in the same program): You may continue borrowing up to the cost of attendance minus other aid for up to three academic years or the remainder of the student's expected time to credential, whichever is less. The student must remain continuously enrolled in the same program to retain legacy eligibility.
Graduate PLUS Loans
New borrowers: Graduate PLUS Loans are not available to students who did not have a federal Direct Loan disbursed prior to July 1, 2026.
Legacy borrowers (students who had a federal Direct Loan disbursed prior to July 1, 2026, and remain continuously enrolled in the same program): You may continue borrowing Graduate PLUS Loans up to the cost of attendance minus other aid for up to three additional academic years or until program completion, whichever comes first.
Enrollment of Less Than a Full Academic Year
PLUS Loans are prorated for undergraduate students if their final period of study is less than a full academic year, such as attending only one term and graduating.
Less Than Full-Time Enrollment
Beginning with the 2026-27 award year, annual loan amounts for all borrowers are also prorated based on enrollment intensity. Students or parents borrowing for a student enrolled less than full-time will receive a reduced annual loan amount calculated in direct proportion to the student's credit load relative to full-time enrollment. Further guidance from the Department of Education on proration calculations is expected; this page will be updated as details are finalized.
Subsidies
Interest will accrue on PLUS Loans at all times, though interest will not need to be paid until the loan enters repayment.
Repayment
Parents
PLUS Loans will enter repayment 60 days after the loan is fully disbursed. Parents may request a deferment from their loan servicer while their student is enrolled at least half-time and for up to six months afterward.
Repayment plan options differ based on when the loan was first disbursed:
Parent PLUS Loans first disbursed on or after July 1, 2026: New Parent PLUS Loans must be repaid under the standard repayment plan. They are not eligible for the Repayment Assistance Plan (RAP) or any income-driven repayment option.
Parent PLUS Loans first disbursed before July 1, 2026: Existing repayment plan options continue to apply. Please visit studentaid.gov for information on repayment plan transitions.
Graduate Students
Graduate PLUS Loans will be placed into deferment until six months after a student stops attending school at least half-time. Once the deferment period ends, the loan will enter repayment.
Federal Direct Loans with a first disbursement date on or after July 1, 2026 are eligible for only two repayment plans: a restructured Standard Repayment Plan with a repayment period ranging from 10 to 25 years, or the new income-driven Repayment Assistance Plan (RAP) with a 30-year repayment period. Graduate PLUS Loans borrowed under the legacy provision follow these same repayment plan rules for any disbursements made on or after July 1, 2026.