Direct PLUS Loans

When considering a PLUS loan, keep the following points in mind:

  • Interest rate on a PLUS Loan is fixed at 7.9%. The rate is determined by the federal government.

  • For Direct PLUS Loans with a first disbursement date on or after July 1, 2008, the parent may defer repayment
    • while the student on whose behalf the parent borrowed the loan is enrolled on at least a half-time basis, and
    • for an additional six months after the student ceases to be enrolled at least half-time.  

  • Origination/Guarantee fee of 4% will be assessed. These fees are subtracted from the amount borrowed.

  • Borrower must be a U.S. citizen or permanent resident. Student must also be a U.S. citizen or permanent resident, and must be making satisfactory academic progress towards a degree.

  • Borrower must pre-qualify (pass a credit check). After pre-qualifying, a borrower is required to complete a Promissory Note. The Promissory Note is completed during the application process through

  • Applicants may borrow up to the cost of attendance minus other financial aid.

  • The maximum repayment term is 10 years.

 To apply for the Parent PLUS loan, please go to the Federal Direct Loan website to complete a Master Promissory Note. You can find the in school deferment form here. When applying for loans, students should also consider the overall cost, including interest, over the lifetime of the loan. This calculation can be completed using a Loan Repayment Calculator . For more information, visit

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23 East Elm Ave.
Quincy, MA 02170
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