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Federal Direct Loan for Parents (PLUS)


Effective Summer 2009: FSU will be processing all Stafford and PLUS loans through the Federal Direct Loan funding process.


The Federal Direct PLUS Loan allows parents of undergraduate student to apply for a federal loan to assist in paying for the cost of the student's education.

Eligibility requirements:

  • The student must be enrolled as a degree seeking student, at least half-time (six credit hours) per term of disbursement.

  • The student must maintain Satisfactory Progress requirements as established by FSU.  Satisfactory Progress requirements are published online at http://financialaid.fsu.edu/sat.html

  • PLUS Applicant must be the parent (biological, step-parent, or adoptive parent) of the student.  PLUS applicant may be the custodial or non-custodial parent.

  • Student and parent must both be either U.S. Citizens or eligible non-citizens (as defined by federal financial aid regulations).

  • Neither student nor parent may be in default on a Federal loan or owe repayment on a Federal grant.

Loan Information:

Information below as of June 2014.  For updated or additional information on any of the following loan details, please check with the Federal Direct Loan Servicing Center at 1-800-848-0979

Annual Loan Limit

Cost of attendance minus all other aid (scholarship, grants, loans, work-study, agency billings, waivers)

Interest Rate

For Direct PLUS Loans first disbursed on or after July 1, 2013, and before July 1, 2014, the interest rate is 6.41%.

For Direct PLUS Loans first disbursed on or after July 1, 2014, and before July 1, 2015, the interest rate is 7.21%.

These are fixed interest rates for the life of the loan. Interest begins to accrue upon date of disbursement.


On or after Dec. 1, 2013, and before Oct. 1, 2014: 4.288%

On or after Oct. 1, 2014, and before Oct. 1, 2015: 4.292%

Repayment benefits

  • 1.5% up front rebate which remains in effect as long as the first 12 payments are made on-time
  • 0.25% interest rate reduction for payments made by auto-debit


Repayment begins 60 days after the last disbursement for the loan period


May be an option for periods when student is enrolled at least half-time

Application Process
  • Complete the Free Application for Federal Student Aid at www.fafsa.ed.gov

  • Once the student is awarded aid, review the financial aid offer and determine if additional borrowing through the Federal Direct PLUS loan program will be required.

  • If you determine that you need to apply for PLUS loan funding, complete both the Parent PLUS application and the Parent PLUS Master Promissory Loan Note at apply online through the Federal Direct Loan website at http://www.studentloans.gov

  • Complete an Parent Authorization Statement to authorize disbursement to either parent or student. No Parent Loan funds can be credited to the student's account or disbursed until the Parent Authorization Statement is completed. (Refer to this site for additional information on Parent PLUS loan disbursement and for the link to the form at the bottom of the page.)

Follow up Process:

  • The Federal Department of Education performs a credit check based upon the authorization from the PLUS Application.

  • If approved, loan will be processed after the financial aid file is complete and verified.

  • Disbursement will be made through Florida State University during regular disbursement periods (starting second week of each term).

  • If the PLUS loan application is denied, the U.S. Dept. of Education will notify you of options to appeal or apply again with a co-endorser.

  • Alternately, if the PLUS loan is denied, the student may be eligible to borrow additional Unsubsidized Stafford loan funds, but the amount may be limited by the student’s annual class or aggregate eligibility.



last updated June 10, 2014