Plus Loan Interest Rate

Direct PLUS Loans have a fixed interest rate of 7.9%. This interest rate will not change throughout the life of your loan.  There are no subsidized Plus loans, so interest will accrue while the student is still in school. 

The U.S. Department of Education charges a loan fee of 4% of the principal amount of each Direct PLUS Loan. This fee is deducted proportionately from each disbursement of your loan.

Interest rate cap for military member

If a parent qualifies under the Service Members Civil Relief Act, the interest rate on loans obtained before entering military service may be capped at 6% during the parent's military service. Parents must contact their loan servicer to request this benefit.
In addition, no interested is charged (for a period of no more than 60 months) on Direct Loans first disbursed on or after October 1, 2008, while a borrower is serving on active duty or performing qualifying National Guard duty during a war or other military operation or other emergency, and serving in an area of hostilities qualifying for special pay.

Interest is charged on a Direct PLUS Loan beginning on the date of the first loan disbursement, and it continues to be charged during periods of deferment or forbearance. You may either pay the interest as it accrues or you may allow the interest to be capitalized (added to your loan principal balance) at the end of the deferment or forbearance. Capitalization increases the total loan amount that you must repay.


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