The Direct PLUS loan is for eligible parents of eligible dependent undergraduate students.
The interest rate on Parent PLUS loans is fixed for the life of the loan.
For Direct PLUS Loans first disbursed on or after 1 July 2022, and before 1 July 2023, the interest rate is 7.54%.
Who can receive a Direct Parent PLUS loan?
To receive a parent PLUS loan, you must:
- be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school (Imperial is eligible);
- not have an adverse credit history unless you meet certain additional requirements); and
- meet the general eligibility requirements for federal student aid
The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend, minus any other financial assistance your child receives.
The cost of attendance is determined by the school.
There is a 4.228% loan origination fee on all Parent PLUS Loans.
This fee will be deducted from each disbursement.
Find out more
Find out more about Direct Parent PLUS loans on the Federal Student Aid website.