Federal PLUS Loans

Federal PLUS Loans

On This Page

• Parent PLUS Loan
• Graduate PLUS Loan

Parent PLUS Loan

Federal Parent PLUS Loans are available for parents of dependent students who are registered at least half-time. The Parent PLUS Loan is in the parent's name and the parent is responsible for repayment of the loan.

Student Eligibility Requirements:

• Be dependent, as per FAFSA requirements.
• Be a degree-seeking undergraduate student at FHSU.
• Be registered at least half-time.

Who Can Apply?

• Biological or adoptive parent or, in the case of divorce, the step-parent whose information appears on the FAFSA. Only one parent need apply.
• Parent borrower must be a U.S. citizen.
• Parent borrower cannot have an adverse credit history.
• A parent with an adverse credit history may obtain an endorser for the Plus Loan or, in some cases, they can appeal their denial.
• If the Plus Loan is approved with an endorser or through an appeal the parent will be required by the Department of Education to complete on-line Plus Loan Credit Counseling.
• If the Parent is denied and chooses not to obtain an endorser or appeal, the student will be eligible to receive additional Unsubsidized Loan Funds. Freshman and Sophomore students may receive up to $4,000/year. Junior and Senior students may receive up to $5,000/year.

How to Apply:
The Parent should not apply for a PLUS loan more than 180 days prior to the beginning of the semester/term for which the loan funds are needed.

1. The Parent can Request a Direct Plus Loan online. Select Parent PLUS Loan. This step must be completed each year you borrow a PLUS loan and will allow the Direct Lending program to perform a credit check.
2. If the Parent Plus Loan is approved, the parent should complete and submit the online PLUS Loan Master Promissory Note (MPN) if you are a first-time parent borrower. If you have borrowed in the past for the same student, you do not need to complete another PLUS MPN.

Excess PLUS loan proceeds (after all university charges are deducted) are disbursed to the student or parent as the parent indicated on their PLUS Loan request.

How Much Can They Borrow?
The annual Parent PLUS Loan limit is the student's cost of attendance minus all other aid. For example, if the student's cost of attendance is $10,000, and they are receiving $6,000 in other aid, the parent can borrow up to $4,000.

Fees and Interest Rates:

• An origination fee is deducted from each loan disbursement. Amounts listed on award letters do not have this fee deducted. For more information about this fee, click here.
• PLUS loans disbursed after July 1, 2024 have a fixed interest rate of 9.08%.
• PLUS loans disbursed prior to July 1, 2006 have variable interest rates and are subject to change every July 1.

Repayment & Deferment:
Repayment on PLUS loans begins approximately 60 days after the second disbursement date. For more information about repayment, click here. For information about deferring your loan, please contact your loan servicer for options.

Graduate PLUS Loan

Federal Graduate PLUS Loans are available for graduate students who are registered at least half-time.

Student Eligibility Requirements:

• Be a degree-seeking graduate student at FHSU.
• Be registered at least half-time.
• Completed the FAFSA and have accepted their maximum annual loan eligibility under the Federal Unsubsidized Direct Loan Program.
• Have a good credit history.
• If the Graduate Plus Loan is approved with an endorser or through an appeal, the student will be required by The Department of Education to complete on-line Plus Loan Credit Counseling.

How to Apply:

1. Submit a Free Application for Federal Student Aid (FAFSA).
2. Request a Direct Plus Loan online. Select Graduate PLUS Loan.
3. Complete Graduate PLUS Loan Entrance Counseling. (All first-time Graduate PLUS Loan borrowers must complete entrance counseling before any financial aid can be disbursed.)
4. Complete and submit the online PLUS Loan Master Promissory Note (MPN).

How Much Can They Borrow?
The annual Graduate PLUS Loan limit is the student's cost of attendance minus other estimated financial assistance. All Direct Loan unsubsidized eligibility will be awarded before PLUS loan eligibility will be awarded.

Fees and Interest Rates:

• An origination fee of up to 4% is deducted from each loan disbursement. Amounts listed on award letters do not have this fee deducted.
• Graduate PLUS Loans have a fixed interest rate of 9.08%.

Repayment & Deferment:
Repayment on PLUS loans begins approximately 60 days after the second disbursement date. For more information about repayment, click here. For information about deferring your loan, please contact your loan servicer for options.