How Do I Know if I Qualify?
Before you apply for a PLUS Loan, you can find out if you qualify. Doing this online is the fastest way to know if a borrower is pre-approved for a PLUS loan.

What are PLUS Loans?
Federal PLUS Loans are available to graduate students and to parents of dependent undergraduate students. PLUS borrowers generally will need to pass a credit check to determine eligibility. PLUS Loan eligibility is not based on need. The student must be enrolled at least half-time. The interest rate on loans first disbursed after July 1, 2006 will be set at a fixed interest rate of 8.5%. If a parent is unable to borrow a PLUS, their dependent student may be eligible to borrow additional funds under the Federal Unsubsidized Stafford Loan Program. 

How do I apply?
Borrowers must complete and submit a PLUS Loan Master Promissory Note, available from your school, lender, or your state guaranty agency. After the school completes its portion of the application, it must be sent to a lender for evaluation. Apply for a PLUS Parent loan or a PLUS Graduate loan

How much can I borrow?
The yearly limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid received.

When do I begin repaying a PLUS Loan?
Generally, repayment must begin within 60 days after the loan is fully disbursed. There is no grace period for these loans. This means interest begins to accumulate at the time the first disbursement is made. In school deferment and forbearance options may be available. Check with your lender for benefits.

Who gets the money?
The loan funds are sent directly to the school from the lender. In most cases, the loan will be disbursed in at least two installments, and no installment will be greater than half the loan amount. The funds will first be applied to the student's tuition, fees, room and board, and other school charges. If any loan funds remain, the borrower will receive the amount as a refund check. Any remaining loan funds must be used for education expenses.