Federal Direct PLUS Loan

Through the Federal Direct PLUS Loan program, parents may borrow an annual amount up to the cost of attendance minus other financial aid.

The information below should be considered a summary of the Federal PLUS Loan program. Please see the Federal Student Aid site for details.

• Parents must be creditworthy, but there are no income requirements placed on eligibility.
• Completion of the Free Application for Federal Student Aid (FAFSA) is required in order to apply for the PLUS Loan.
• Loans are payable 30 days after the final disbursement of the loan and payable over 10 years.
• Deferment of repayment is available upon request as long as the student is enrolled at least half-time.
• Federal PLUS Loan fee: 4.228% (borrowers receive $957.72 to use for educational expenses for every $1000 borrowed)
• The 2024-2025 Direct PLUS loan interest rate is fixed at 9.08%.

To apply, complete the Federal Direct PLUS Loan Application available at studentaid.gov.

Your Federal PLUS Loan proceeds will be delivered electronically to the student’s Macalester account. Generally, loan proceeds arrive at Macalester a few days before the beginning of each semester.