The Federal Direct PLUS Loan Program is for parents of dependent undergraduate students. A credit check is required and will be conducted by the loan servicer. The maximum amount that can be borrowed is the cost of education less any outside resources and/or financial aid received. Interest rates vary annually, but the rate for the year the funds are borrowed is in effect for the life of that loan. The rate for 2025-26 is 8.94%. Repayment begins 60 days after the loan is fully disbursed unless the parent requests that repayment be delayed until the student ceases to be enrolled half-time. Completion of the FAFSA is required for participation in the Direct PLUS Program.