Federal Direct Parent PLUS Loan Overview

Federal Direct PLUS Loan Overview - (Parent Loan Undergraduate Student)

The Federal Direct PLUS Loan allows parents to borrow up to the cost of attendance minus financial aid.

Loan approval requires a credit check which is valid for 180 days. The 2015-2016 PLUS Loan annual interest rate is fixed at 6.84%. When you sign up for automatic payments, the interest rate is reduced .25%. 

Loan repayment begins 60 days after the loan has been fully disbursed. You will be notified by mail which servicer has been assigned by the government to service your loan.  A deferment option is available to allow payments to begin after the student ceases to be enrolled at least half time (six or more credit hours per semester). If you are approved for a deferment, interest will accrue on your loan while your loan is in deferment. Contact the loan servicer for more information.

Parents are encouraged to apply for a full-year loan (fall and spring) to avoid multiple applications throughout the academic year. The loan will be disbursed to Siena in 2 equal installments, typically September and January.

Direct Parent Loan fees for loans first disbursed on or after October 1, 2014 and before October 1, 2015 will be 4.292%. Loan fees for loans first disbused on or after October 1, 2015 and before October 1, 2016 will be 4.272%.

PLUS Loan Amount

Fee (4.292%)

Total Amount 


$214.60 $4,785.40


$429.20 $9,570.80


$643.80 $14,356.20


$858.40 $19,141.60

Applying for a Federal Direct PLUS Loan
For step by step instructions on how to apply for a PLUS Loan, visit our Federal Direct PLUS Loan application page.