Federal Direct PLUS Loans | Financial Aid

Federal Direct Parent PLUS Loan General Information

• Federal loan program for parents
• Loan is always in the parent's name
• Student must be enrolled at least half time
• Approval based upon credit check
• Interest starts accruing at the time of disbursement
• Repayment
  • Begins 60 days after funds have been fully disbursed
  • Can request that repayment be deferred while student is enrolled at least half time
  • To defer payments, contact the Direct Loan Servicing Center at 1-800-699-2908
• Standard repayment is 10 years

Annual maximum - Up to student's cost of attendance minus other financial aid

Interest rate - Fixed rate of 8.94% for loans between July 1, 2025 and June 30, 2026. Fixed rate of 9.08% for loans between July 1, 2024 and June 30, 2025.

Fees:

• 4.228% is deducted from the loan proceeds for loans first disbursed after Oct. 1, 2020 and before Oct. 1, 2026. For example, on a $10,000 PLUS loan, $423 will be kept as a loan fee and therefore $9,577 will be credited to students account when it is disbursed to the school.

Applying for a Direct Federal Parent PLUS Loan

1. Student must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov/fafsa
2. Student must be meeting Satisfactory Academic Progress (SAP) Standards.
3. Neither the student or the parent can be in default on a Federal Student Loan or owe an overpayment on a Federal Student loan or grant.
4. If the parent isn't listed on the student's FAFSA, we may request a copy of the student's birth certificate
5. Complete the Parent PLUS application process at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
6. Complete the Parent PLUS MPN (Master Promissory Note) at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
7. If you are approved, the funds will be disbursed directly to the school and credited to the student's business office account
8. If the PLUS funds cause a credit to the student's account, you will be issued a refund check unless you have given Carroll permission to release the refund to the student

Denial of Direct Parent PLUS Loan

Student is eligible for additional Unsubsidized Direct Loan funding ($4,000 for Freshman and Sophomore; $5,000 for Junior and above)