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 annual amount that can be borrowed is $20,000 for new borrowers after July 1, 2026. The PLUS lifetime limit per student is $65,000. 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 2026-27 is 9.07%. 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.