Student Financial Services

1500 N. Warner St. #1039
Tacoma, WA 98416-1039

Jones Hall, 019

253.879.3214
253.879.8508
sfs@pugetsound.edu

Hours of Services

Monday–Friday
8 a.m.–5 p.m.

The Direct PLUS Loan is a credit-based loan available to the parents of undergraduate students who have filed a FAFSA.  All parents (combined) may borrow up to $20,000 per year per dependent student and a $65,000 aggregate limit per dependent student.

Parents may apply for a Direct PLUS Loan for any year that their student is enrolled at least half-time as an undergraduate student. Under the Federal Direct Student Loan program, the federal government serves as the lender and the interest rate varies based on disbursement date but then is fixed for the life of the loan. See a chart to determine interest rates and loan origination fees. Origination fees are subtracted proportionately from each disbursement.

How to Apply

Applications for the Direct PLUS Loan are processed online through the U.S. Department of Education student loan website. To submit an application:

  1. Log in the U.S. Department of Education student loan website to begin your application process
  2. Enter the FSA ID and password of the parent applying for the loan
  3. Select Request a Direct PLUS Loan
  4. Select the loan type Parent PLUS
  5. Complete the four step application process
    1. School & Loan Information
    2. Borrower Information
    3. Review Request
    4. Credit Check & Submit
  6. First-time borrowers must complete a Master Promissory Note (MPN)

Repayment

Repayment on a Direct PLUS Loan begins once the loan is fully disbursed, with the first payment due within 60 days after the final disbursement. However, borrowers may request an in-school deferment by selecting the deferment option on the application or by contacting the Direct Loan Servicing Center at 800.848.0979. Under this option, payments are deferred until six months after the student is no longer enrolled at least half-time, although interest continues to accrue during this period.

The Direct PLUS Loan Program for parents offers three repayment plans - standard, extended, and graduated - that are designed to meet the different needs of individual borrowers. The terms differ between the repayment programs, but generally the standard repayment period on a PLUS Loan is 10 years.

Federal Student Aid ID

Your Federal Student Aid ID (FSA ID) is used each year to electronically sign your student's FAFSA. Because the FSA ID is needed to apply for your Federal Direct PLUS, you cannot proceed without it.

Apply for an FSA ID
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