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Federal Direct PLUS Loan

Through the Federal Direct PLUS Loan program, parents may borrow an annual amount up to the cost of attendance minus other financial aid.

  • 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.
  • 2023-2024 loan origination fee: 4.228%
  • The 2023-2024 Direct PLUS loan interest rate is fixed at 8.05%.

To Apply: Complete a 2023-2024 Federal Direct PLUS Loan Request and Credit Authorization Form OR the Federal Direct PLUS Loan Application available at

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.