Federal Direct PLUS Loan

Through the Federal Direct PLUS Loan program, parents may borrow up to $20,000 per year per student, with a lifetime aggregate limit of $65,000 per student.

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 2026-2027 Direct PLUS loan interest rate is fixed at 9.07%.

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.