Federal PLUS Loans

Federal PLUS loans are offered by the U.S. Department of Education to parents of dependent undergraduate students or to graduate/professional students to help pay for college.

    Parents of Undergraduate Students

    Federal Direct Parent PLUS Loans are offered by the federal government to help parents of dependent undergraduate students finance their education. Parents may borrow up to the full annual cost of education less any other financial aid for each dependent undergraduate student.

    Graduate Students

    Federal Direct PLUS Loans for Graduate Students are offered by the federal government to help with any remaining educational costs. Graduate and Professional students may borrow up to the full annual cost of attendance less any other financial aid.

    Interest Rates and Fees

    The interest rates and fees for Direct PLUS Loans are the same regardless if you are applying for a Parent PLUS Loan or a Graduate Student PLUS Loan.

    Interest Rates

    Interest is additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed.

    View current interest rates
    View previous years’ interest rates

    Origination Fees

    An origination fee is a percentage of your loan amount charged by the lender for the processing of your loan. For PLUS loans, an origination fee is subtracted by the Department of Education from the borrowed amount prior to disbursement. Therefore, the amount you receive as a disbursement will be slightly lower than the amount you accept.

    You can calculate the origination fee and determine how much to request if you would like the fee included in the loan. Learn more

      Calculate How Much to Borrow

    Origination Fees for PLUS Loans

    If you wish to cover the origination fee in your loan amount, you may use our PLUS Loan Origination Fee Calculator. The calculator will assist you in determining the amount of the origination fee and how much to request if you would like the origination fee included in the loan.

    PLUS Loan Origination Fee Calculator

    Application Process

    1. To apply for a federal PLUS loan, students must first complete the FAFSA. If you are a graduate student, you will not need to include parental information on the FAFSA, but if you are a married individual, you will need to include your spouse’s income and tax information.
    2. Next, complete the PLUS Loan Application. If the borrower has an adverse credit history, an eligible co-signer will be required. 
      • It is recommended to apply for the entire academic year while attending classes rather than per semester to avoid potential delays with a new loan application.
      • There is an origination fee for PLUS loans. Our Plus Loan Origination Fee Calculator will assist borrowers in determining the amount of the origination fee and how much to request if they would like the origination fee included in the loan.
    3. To receive the loan(s), parents and graduate/professional students must complete a Master Promissory Note (MPN). Graduate/professional students are also required to complete Entrance Counseling
    4. To receive the loan(s), students must be enrolled at least half-time. Please refer to terms and conditions of financial aid.

    When to Apply

    It is important to allow sufficient time for the application process so the loan will credit the student's bill and disburse on time.

    Determine the timeframe the loan is required (loan period) and apply by the recommended date:

    Semesters

    Apply By

    Summer Only May 1
    Summer and Fall May 1
    Summer, Fall, and Spring May 1
    Fall and Spring July 1
    Fall Only July 1
    Spring Only December 1

    Tip: it is recommended to file for the entire academic year while attending classes rather than per semester to avoid potential delays with a new loan application.

    Repayment

    If you are a parent borrower, you may request a six-month deferment after your student graduates, leaves school, or drops below half-time enrollment, before you are required to begin loan repayment. Contact your loan servicer for more information.

    If you are a graduate student, after you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin loan repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date.

    Learn more about loan forgiveness and repayment

    Loan Borrowing History

    Parents and graduate students can view their federal loan history by logging into studentaid.gov. The profile dashboard will provide personalized information like federal PLUS loan balance, disbursement dates, and servicer contact information.

    Contact Us

    If you have questions at any point in the process, we’re here to help.


    Chat
    For general questions about the financial aid process, we recommend our live chat.


    Email
    For general questions about your specific situation, we recommend that you email ritaid@rit.edu.


    Call
    For detailed questions about your specific situation, we recommend that you call 585-475-2186.

    Contacting our office by phone or email allows us to answer specific questions related to a student as long as we are able to affirm the student and the individual requesting information to protect privacy and confidentiality. Live chat is reserved only for general non-student specific information.

    Office of Financial Aid and Scholarships

    Bausch and Lomb Center
    56 Lomb Memorial Drive
    Rochester Institute of Technology
    Rochester, NY 14623-5604

    Directions to Admissions and Aid

    Financial Aid Counseling Team

    Consumer Information

    Secure Document Upload

    Office Hours

    8:30am - 4:30pm
    Monday - Friday

    ritaid@rit.edu
    p. 585-475-2186

    f. 585-475-7270