Federal Direct Plus Loan for Parents

The Parent PLUS Loan is a credit-based, optional loan program available to the parent of a dependent, full-time undergraduate student. It is used to supplement other financial aid offered to the student. Repayment of the loan is solely the responsibility of the parent who applies for this option.

Eligibility Requirements

• U.S. citizen or permanent resident
• Be the parent of a dependent undergraduate student
• Satisfactory credit history (credit criteria are determined by the Department of Education)

Applying for a PLUS Loan

Parents apply for a PLUS Loan online at studentaid.gov. Parents should only apply after all financial aid applications have been submitted and their student has received a financial aid package. View the How to Apply for Aid page for more details.

Annual Loan Limits

Starting in the 2026-2027 academic year, the Parent PLUS Loan will now have an annual limit of $20,000 per parent for a single dependent and a lifetime aggregate limit of $65,000 per student per dependent.

For legacy Parent Plus borrowers, parents who took out Parent PLUS Loans for their student prior to July 1, 2026, are generally exempt from these limits. They can continue borrowing under the previous rules (up to the total cost of attendance minus other financial aid) for up to three academic years, or until the student completes their current degree program, whichever is less.

For new Parent PLUS borrowers, loans are capped at $20,000 per student per year, with a lifetime aggregate limit of $65,000 per dependent student and not per parent borrower. These caps apply to any new loans issued for the 2026-27 academic year and beyond.

Interest Rates

Interest rates for Federal Direct loans are calculated on a year-by-year basis using the 10-Year Treasury Note index rate in combination with an add-on amount determined by Congress. Each loan has a rate cap should the Treasury Note index increase in subsequent years.

View information about interest rates for federal direct loans at studentaid.gov.

Origination Fees 

Most federal student loans have fees that are a percentage of the loan amount. View more information about Origination Fees.