Direct PLUS (Parent Loan for Undergraduate Students)
These are loans parents may obtain to help pay the cost of education for their dependent undergraduate. The maximum that can be borrowed is equal to the cost of attendance minus any other financial aid received. Interest accrues while the student is in school. There is an origination fee that will be deducted proportionately from each loan disbursement. The interest rate is currently 6.31%. There is no grace period.
For information about student loan interest rates and origination fees, see https://studentaid.ed.gov/sa/types/loans/interest-rates.
Application process: Students who wish to apply for a Direct Loan must first submit their FAFSA for the relevant year. New Direct Loan applicants must complete entrance counseling and sign a Master Promissory Note at http://www.studentloans.gov completing the Direct Loan Processing Form from your Student Center on CUNYfirst. Parents of undergraduate students may complete the Parent PLUS loan application at www.studentloans.gov. New PLUS loan applicants will also need to sign a Master Promissory Note at www.studentloans.gov for each dependent for which you are applying.