The Federal Direct PLUS Loan is an optional federal loan program for both graduate students and parents of dependent students who wish to access additional resources beyond what a student is eligible to receive.
About PLUS loans
This credit-based parent loan option may cover up to the total cost of attendance (COA) as defined by Saint Martin's University, minus student aid.
The present interest rate for the Federal Direct PLUS Loan is fixed at 7.00 percent. All Federal Direct PLUS loans are charged a 4.264 percent origination fee upon each disbursement.
In the event a parent of a dependent student is denied after completing the Parent PLUS loan application, their student will be eligible for a high Unsubsidized Stafford loan amount.
Who can apply for a Federal Direct PLUS Loan?
- A graduate student
- A students biological, adoptive parent or the student's stepparent, if the biological or adoptive parent remarried at the time of the application
- A borrower cannot have adverse credit history
- Must be a US Citizen or eligible non-citizen
- Must complete a FAFSA application each year
Applying for a Federal Direct PLUS Loan
To complete an application:
- Review your different loan options
- Go to https://studentloans.gov/myDirectLoan/index.action
- The parent borrower will be asked to sign in using their FSA user ID
- If the parent does not have a FSA user ID they can create one at the FSA ID website.
- Click on "Start PLUS Application Process"
- The parent borrower will authorize an immediate credit check
- If the credit is approved and it is the first time that the parent borrower is seeking the Federal Direct PLUS, the borrower will be directed to complete the DL Parent PLUS MPN
- It is strongly recommended that the parent complete the PLUS MPN after they receive approval notice