Direct PLUS Loan
- For parents of dependent undergraduate students and for graduate or professional students; financial need is not required
- Student must be either a dependent undergraduate student for whom a parent is taking out a Direct PLUS Loan or a graduate or professional student who is receiving a Direct PLUS Loan
- For loans first disbursed on or after July 1, 2015, and before July 1, 2016, interest rate is 6.84%
- Borrower must not have negative credit history
- Borrower is responsible for interest during all periods
- ED is the lender; payment is owed to ED
Apply for a PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA): The student must complete the FAFSA prior to requesting a Federal Direct Parent PLUS Loan.
- Complete the mandatory credit check for the Federal Direct PLUS Loan: The parent must pass a mandatory credit check performed by the Direct Loan Servicing Center. MDC is not responsible for the decision made by the Federal Government.
- Sign a Federal Direct Parent PLUS Master Promissory Note (MPN) electronically using the PIN assigned to the parent borrower (same PIN as the one used to sign the FAFSA). The borrower may request a pin if he or she doesn't have one. NOTE: If you have previously signed a Federal Direct Parent PLUS MPN, you do not have to sign another MPN.
- Complete the Federal Direct PLUS Loan Request Form.
- Submit all required documentation to your campus Financial Aid Office:
- Credit approval notice
- Copy of yours/and your parents' driver licenses, social security cards
- If you and/or the parent are eligible non-U.S. citizen, you must submit a copy of your Immigration documents.
- Signed Federal Direct PLUS Loan request form.