{"id":1138,"date":"2012-08-16T10:59:56","date_gmt":"2012-08-16T17:59:56","guid":{"rendered":"http:\/\/newwww.hmc.edu\/admission\/?page_id=1138"},"modified":"2026-05-21T11:29:49","modified_gmt":"2026-05-21T18:29:49","slug":"direct-plus","status":"publish","type":"page","link":"https:\/\/www.hmc.edu\/admission\/afford\/education-loans\/loans-for-parents\/direct-plus\/","title":{"rendered":"Federal Direct PLUS"},"content":{"rendered":"\n<div class=\"wp-block-mudd2021-right-sidebar right-sidebar\" id=\"right-sidebar\">\n<h2 class=\"wp-block-heading\">Afford Resources<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/npc.collegeboard.org\/student\/app\/hmc\">Net Price Calculator<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/connect.hmc.edu\/portal\/app_status\" data-type=\"link\" data-id=\"https:\/\/connect.hmc.edu\/account\/login\">HMC Applicant Hub &#8211; For Applicants and Admitted Students<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/myfinaid.hmc.edu\/\">Financial Aid @ HMC Portal &#8211; For Current Students<\/a> <\/li>\n\n\n\n<li><a href=\"https:\/\/www.hmc.edu\/admission\/category\/announcements\/\">Admission and Financial Aid Announcements<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.hmc.edu\/admission\/afford\/applying-for-financial-aid\/\" data-type=\"link\" data-id=\"https:\/\/www.hmc.edu\/admission\/afford\/applying-for-financial-aid\/\">Applying for Financial Aid<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.hmc.edu\/admission\/afford\/applying-for-financial-aid\/downloadable-forms\/\">Downloadable Forms<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.hmc.edu\/admission\/afford\/other-resources\/outside-and-private-awards\/\">Outside and Private Awards<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/onbase-forms.cuc.claremont.edu\/appnetob\/UnityForm.aspx?d1=AexpO%2bs17dy7efamHzzbb90m%2fhI9XW9ecKmFpP3JvgX2B4YD%2b%2b3x1RLy5w3D%2b1%2fi9PbVQ6NbFBUOEbm9v0KyfRiGrv1m0bvmxSB%2bOHvxYDeHVWKJQWheG1c%2fz3bzVJYWWnut8ML5lF5nojEGAKxPMmN5%2fWUrEvWlxMwZcg1Zk4Z5EEWIRRuf5OVlMkKyL0Fvqcgy5p3szZHSxTcY%2bokrHhCU3UgkBTwd34bk0XGK%2fObfYOPeokdJ559bNkDoh5Z4c4RUR%2bbbHJgOgkI%2blRfcWHg%3d\" data-type=\"link\" data-id=\"https:\/\/onbase-forms.cuc.claremont.edu\/appnetob\/UnityForm.aspx?d1=AexpO%2bs17dy7efamHzzbb90m%2fhI9XW9ecKmFpP3JvgX2B4YD%2b%2b3x1RLy5w3D%2b1%2fi9PbVQ6NbFBUOEbm9v0KyfRiGrv1m0bvmxSB%2bOHvxYDeHVWKJQWheG1c%2fz3bzVJYWWnut8ML5lF5nojEGAKxPMmN5%2fWUrEvWlxMwZcg1Zk4Z5EEWIRRuf5OVlMkKyL0Fvqcgy5p3szZHSxTcY%2bokrHhCU3UgkBTwd34bk0XGK%2fObfYOPeokdJ559bNkDoh5Z4c4RUR%2bbbHJgOgkI%2blRfcWHg%3d\">Submit Requested Document(s) Online<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Personal Information in Emails<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Protect your personal information and do not send personal identifiable information (PII) like social security numbers, date of birth, etc. when communicating by email. Protect your data by using our <a href=\"https:\/\/onbase-forms.cuc.claremont.edu\/appnetob\/UnityForm.aspx?d1=AexpO%2bs17dy7efamHzzbb90m%2fhI9XW9ecKmFpP3JvgX2B4YD%2b%2b3x1RLy5w3D%2b1%2fi9PbVQ6NbFBUOEbm9v0KyfRiGrv1m0bvmxSB%2bOHvxYDeHVWKJQWheG1c%2fz3bzVJYWWnut8ML5lF5nojEGAKxPMmN5%2fWUrEvWlxMwZcg1Zk4Z5EEWIRRuf5OVlMkKyL0Fvqcgy5p3szZHSxTcY%2bokrHhCU3UgkBTwd34bk0XGK%2fObfYOPeokdJ559bNkDoh5Z4c4RUR%2bbbHJgOgkI%2blRfcWHg%3d\" data-type=\"link\" data-id=\"https:\/\/onbase-forms.cuc.claremont.edu\/appnetob\/UnityForm.aspx?d1=AexpO%2bs17dy7efamHzzbb90m%2fhI9XW9ecKmFpP3JvgX2B4YD%2b%2b3x1RLy5w3D%2b1%2fi9PbVQ6NbFBUOEbm9v0KyfRiGrv1m0bvmxSB%2bOHvxYDeHVWKJQWheG1c%2fz3bzVJYWWnut8ML5lF5nojEGAKxPMmN5%2fWUrEvWlxMwZcg1Zk4Z5EEWIRRuf5OVlMkKyL0Fvqcgy5p3szZHSxTcY%2bokrHhCU3UgkBTwd34bk0XGK%2fObfYOPeokdJ559bNkDoh5Z4c4RUR%2bbbHJgOgkI%2blRfcWHg%3d\">secure document upload service<\/a> or submitting documents electronically through the <a href=\"https:\/\/cssprofile.collegeboard.org\/idoc\" data-type=\"link\" data-id=\"https:\/\/cssprofile.collegeboard.org\/idoc\">College Board&#8217;s IDOC service<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Consumer Information <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">HMC provides information about the institution&#8217;s policies, procedures, operations, costs, and more in and effort to ensure fairness and transparency. <a href=\"https:\/\/www.hmc.edu\/institutional-research\/higher-education-opportunity-act-heoa\/\" data-type=\"link\" data-id=\"https:\/\/www.hmc.edu\/institutional-research\/higher-education-opportunity-act-heoa\/\">Consumer Information<\/a> is published by our Institutional Research Office.<\/p>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The Federal Direct Parent Loan for Undergraduate Students (PLUS) offers parents an excellent low-interest loan alternative to paying for college costs during the academic year. With the Direct PLUS Loan, a family can borrow up to the difference between the cost of attendance and the amount of any financial aid the student is&nbsp;receiving. <br \/><br \/><strong>Note: <\/strong>Parents who borrowed a PLUS loan in the 2025\u20132026 academic year can borrow up to the cost of education for one year, less any financial aid the student is eligible to receive. This eligibility continues for three more years or until the student\u2019s program ends. For the 2026\u20132027 academic year, new PLUS borrowers will have new limits: $20,000 per student, per year, with a $65,000 total lifetime limit per student.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Direct PLUS Benefits<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Benefits of the Direct PLUS include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>low interest rate<\/li>\n\n\n\n<li>lower monthly payments<\/li>\n\n\n\n<li>an extended payment period for educational costs<\/li>\n\n\n\n<li>option of deferring repayment based on student\u2019s enrollment status<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Who May Apply<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To borrow a Direct PLUS for a student, the parent borrower must be the student\u2019s biological or adoptive mother or father. A stepparent whose assets and income are taken into account when determining the student\u2019s expected family contribution is also eligible to borrow a Direct PLUS. There is no grace period for a Federal Direct PLUS loan. Interest begins to accrue immediately after the first disbursement of the Federal Direct PLUS loan, and repayment of both principal and interest begins within 60 days after the final disbursement of the loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Interest Rate <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Interest rate is fixed at 8.94 percent for a Direct PLUS for the 2025-2026 academic year with a first disbursement on or after July 1, 2025 and before July 1, 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Loan Fees<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Direct PLUS Loans whose first disbursement is made\u00a0on or after October 1, 2020, and before October 1, 2027, are subject to an origination fee of 4.228 percent. Loan fees are paid before the funds are sent to the school. Therefore, the amount of the loan that will be applied to the student account will be 95.772 percent of the total amount requested (100% &#8211; 4.228% = 95.772%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Example: If a parent requests a PLUS loan for $20,000 for the 2025-2026 school year, the origination fee will be $845.60 (4.228% of $20,000). The amount after the origination fee is the net loan amount, or $19,154.40. The loan is divided evenly between the fall and spring semesters, so $9,577.20 will be applied to the fall student account balance and $9,577.20 will be applied to the spring student account balance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When completing the PLUS Loan Application, consider the amount that you want to be applied to the student account after all other financial aid has been applied and adjust your requested loan amount knowing that only 95.772% of what is requested will be applied to charges. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Loan Terms<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There is no grace period for Direct PLUS. However, for loans disbursed after July 1, 2008, parent borrowers have the option of deferring repayment based on the student&#8217;s enrollment status. Specifically, parent borrowers may defer repayment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>While the student is enrolled at least a half-time, and<\/li>\n\n\n\n<li>During the six-month period after the student ceases to be enrolled at least half-time<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The parent borrower may complete and submit the in-school deferment request form, by visiting the Direct Loan website or by calling the Direct Loan Servicing Center (DLSC) at <a href=\"tel:+18008480979\" class=\"phone\">800.848.0979<\/a> for assistance. If the parent borrower does not choose to defer payment, repayment begins 60 days after full disbursement of the loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest will be capitalized until repayment begins. If deferment is chosen, your parent will be sent a quarterly interest statement and will have the option of paying the interest as it accrues during the deferment period. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, if a parent\u2019s Federal Direct PLUS loan application is denied due to unsatisfactory credit, the student is automatically eligible for an additional direct unsubsidized loan. First- and second-year students are eligible for an additional $6,000, and third- and fourth-year students are eligible for an additional $7,000 if the Federal Direct PLUS loan is denied.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Effective July 1, 2026, there are Federal Loan Program lifetime loan limits: $257,500 on all federal student loans, excluding Parent PLUS and Graduate PLUS loans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Apply<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Apply for the Federal Direct Parent PLUS loan by completing the <a href=\"https:\/\/studentaid.gov\/plus-app\/\" data-type=\"link\" data-id=\"https:\/\/studentaid.gov\/plus-app\/\">PLUS Loan Application<\/a> with the Department of Education (ED). This is required each year. Include in the application the amount you would like to borrow. Note that if you request a fixed amount, and need to borrow more later in the academic year, you will need to complete a new PLUS Loan Application.<\/li>\n\n\n\n<li>First time parent borrowers must complete the Federal Direct PLUS Loan electronic <a href=\"https:\/\/studentaid.gov\/mpn\/\" data-type=\"link\" data-id=\"https:\/\/studentaid.gov\/mpn\/\">Master Promissory Note<\/a>. Parent borrowers must use their own FSA User ID and not their child\u2019s FSA User ID to complete the PLUS loan request process.<\/li>\n\n\n\n<li>First time parent borrowers must submit the <a href=\"https:\/\/drive.google.com\/file\/d\/1uA6229K_ybjv_T7j-sEf2wW98xzxaysS\/view?usp=drive_link\" data-type=\"link\" data-id=\"https:\/\/drive.google.com\/file\/d\/1uA6229K_ybjv_T7j-sEf2wW98xzxaysS\/view?usp=drive_link\">Authorization for Direct PLUS Loan Payment of Allowable Charges&nbsp;(PDF)<\/a> to the Office of Financial Aid.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Direct Parent Loan for Undergraduate Students (PLUS) offers parents an excellent low-interest loan alternative to paying for college [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":745,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1138","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/pages\/1138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/comments?post=1138"}],"version-history":[{"count":18,"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/pages\/1138\/revisions"}],"predecessor-version":[{"id":29366,"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/pages\/1138\/revisions\/29366"}],"up":[{"embeddable":true,"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/pages\/745"}],"wp:attachment":[{"href":"https:\/\/www.hmc.edu\/admission\/wp-json\/wp\/v2\/media?parent=1138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}