Federal Direct PLUS Loan

The Federal Direct PLUS (FPLUS) loan is a federal loan used by many parents to pay for part of their children's education. The loan funds are borrowed from the federal government. Parents may apply for an FPLUS loan at any time during the academic year. Parents are encouraged to budget their cost for the entire academic year to determine the FPLUS loan needed, and then submit an FPLUS application to cover those costs. Parents must reapply for an FPLUS loan each year their child is an undergraduate student. A Free Application for Federal Student Aid (FAFSA) must be filed to apply for a FPLUS loan.

Interest Rate: 7.9% fixed

Loan Fees:  4.204%

Credit Check: Yes (no adverse credit)

Annual Loan Maximum: Total cost of attendance minus all aid resources and loans received.

Lifetime Loan Maximum: None

Repayment Begins: Payments of principal and interest begin 60 days after the loan is fully disbursed. Requests to defer payments while the student is enrolled may be made during the application process. If the FPLUS loan has already been processed, a deferment request may be made to the loan servicer.

Repayment Terms: 10 years (other repayment plans available based on special circumstances)

Eligible for Federal Loan Deferments, Forbearances, or Loan Forgiveness: Yes

Eligible for Federal Consolidation: Yes

Interest Payments Eligible for Federal Tax Deduction: Yes

How To Apply for a Federal PLUS Loan

STEP 1: Determine the amount of FPLUS loan that you wish to borrow using our Loan Worksheet.

Step 2:  Go online to studentloans.gov and click on the green "Sign In" box under "Manage My Direct Loan." Your parent will need to sign in using his/her Federal PIN number used for filing the FAFSA application.

STEP 3: After signing in, select

• Request a Direct PLUS Loan, then
• Parent PLUS
• Follow steps 1 - 4 to complete the online credit check
• Upon completing step 4, a credit decision will be displayed.

STEP 4: Syracuse University will transmit final loan approval and disbursement request to Department of Education.

To Decline Your Federal Loan/Reduce the Loan Amount

To reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the Loan Reduction/Cancellation Form.