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Federal PLUS Loans

Applying for Federal PLUS Loan just got easier with our new online application process.

But first, learn a little more about the PLUS loans available to you.

Federal Direct Parent PLUS Loan

  • Federally funded loan program available to parents/step-parents of undergraduate dependent students
  • Eligibility does not require demonstrated financial need
  • A Free Application for Federal Student Aid (FAFSA) form is required
  • Student must be enrolled at least half time (6 credits) in a degree or eligible certificate program
  • May borrow up to the cost of attendance minus financial aid per academic year
  • Interest rate is fixed at 5.30% beginning July 1, 2020, and repayment begins 45-60 days after the second disbursement. Deferred payment options are available
  • Origination fees for loans disbursing on or after Oct. 1, 2019 is 4.236% (subject to change)
  • Parent/stepparent must complete an Online Master Promissory Note

Federal Direct GRAD PLUS Loan

  • Federally funded loan program available to graduate students
  • Eligibility does not require demonstrated financial need
  • A FAFSA form is required
  • Student must be enrolled at least half time (6 credits) in a degree or eligible certificate program
  • May borrow up to the cost of attendance minus financial aid per academic year
  • Interest rate is fixed at 5.30% beginning July 1, 2020, and repayment begins 45-60 days after the second disbursement. Deferred payment options are available
  • Origination fees for loans disbursing on or after Oct. 1, 2019 is 4.236% (subject to change)
  • Graduate student must complete an Online Master Promissory Note
Scholarship

Steps to apply for a Federal PLUS Loan online

IMPORTANT: All wishing to borrow a Federal Direct PLUS Loan MUST have completed a FAFSA

  1. Go to Federal Student Aid - Student Loans website and “Log In” with the same FSA ID used to complete the FAFSA
  2. Follow the instructions to "Apply for a PLUS Loan" (parents complete the PLUS request for parents, Graduate students complete PLUS request for graduate/professional students)
  3. Complete all requested data (academic year, school, amount borrowing, etc.) and authorize the Department of Education to check your credit
  4. If credit is approved, first time Federal Direct PLUS Loan borrowers must complete the Master Promissory Note (MPN). This is completed on the same Federal Student Aid - Student Loans website
  5. Once these steps are complete, the Department of Education will send notification to UMass Lowell within 2-3 business days for further review
  6. Once finalized, the loan will show as anticipated aid on your student’s bill. The MPN must be complete before this will occur.

Additional information

  • Sample Repayment Schedule
  • Find more detailed instructions on applying for the Parent PLUS Loan and the GRAD PLUS Loan.
  • The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s centralized database of all federal student Information about student and parent federal loans will be submitted to the U.S. Department of Education's national Student Loan Data System (NSLDS). NSLDS provides an overview of all federal student loans, loan amounts, enrollment status, loan servicer, outstanding balances, loan status and disbursements pertaining to a borrower. This information will also be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

Email the the Solution Center at: TheSolutionCenter@uml.edu if you need help applying or deciding how much to borrow for your PLUS Loan.