The Direct PLUS Loan is unsubsidized, meaning that interest accrues while the student is enrolled at least half-time and during deferment periods. Eligibility is not based on financial need, and graduate students and parents of undergraduates may borrow up to the amount of the studentís Cost of Attendance minus any other financial assistance a student receives.
The Direct PLUS Loan may be of particular interest to students and parents who:
are not eligible for other types of financial aid,
have unusual costs above the standard student expense budgets,
have remaining financial need after other forms of financial aid have been awarded, or
wish to borrow all or part of their Expected Family Contribution.
PLUS Loans offer advantages when compared with private education loans, including the stability of federal funding, the fixed interest rate, and repayment and deferment options. See Eligibility, Loan Terms, and Requirements below and the Comparing Supplemental Loans page for more details.
ELIGIBILITY, LOAN TERMS, AND REQUIREMENTS
Students (or their parents) must submit a Free Application for Federal Student Aid (FAFSA) when applying for a PLUS or Grad PLUS Loan.
Borrowers must have an acceptable credit history or an endorser (someone who agrees to repay the loan if you do not pay it) with an acceptable credit history. Families with adverse credit histories are sometimes allowed to borrow if they are able to document extenuating circumstances for their credit situation.
The Student Loan Assistance Counsel (SLAC) is a third party provider and is not associated with any government entity including the Dept. of Education. SLAC is a private organization specializing in Document Preparation, Submission, and Tracking. We offer a free counseling session to help identify which Federal programs are available to you. Our service consists of the Preparation, Submission, and Tracking of your Federal Student Loan Consolidation Documents. Consumers are not obligated to use a third party resource and may choose to complete their own documents for student loan consolidation based on the federal programs. SLAC does not provide services for debt negotiation, debt settlement or any altering of the current debt. Our services are strictly for the assisting in the completion, submission, and tracking of federal student loan program documents.