Applying for a Federal Direct PLUS Loan is a two-step process.
1. Borrows can complete the Federal Direct PLUS Loan request process at www.studentloans.gov.
2. Once credit approved, the borrower must complete a Master Promissory Note (MPN) at www.studentloans.gov.
Principal and interest for the Federal Direct PLUS Loan may be deferred while the student is enrolled at least half-time. Borrowers must separately request deferment each academic year. If the loan does not qualify for deferment, the borrower may request forbearance due to economic hardship. Contact your Federal Direct PLUS Loan Servicer with any questions regarding deferment or forbearance. You may find information regarding the loan servicers below.
Repayment of the Federal Direct Parent or Graduate PLUS Loan begins 30 to 60 days after the last disbursement of the loan. The repayment period for a Federal Direct Graduate or Parent PLUS Loan is between ten and 25 years, depending on the repayment plan that the borrower chooses. The standard repayment plan is ten years. There is no grace period for a Federal Direct PLUS Loan, and interest accrues during all periods.
There are five Federal Direct Loan Servicers. The Department of Education determines your servicer at the time your promissory note is completed and the loan is disbursed. If you have a Federal Direct PLUS Loan, previous to the 2010-2011 academic year through the Federal Family Educational Loan Program (FFELP), your loan would be serviced by the lender you chose when you signed your Master Promissory Note (MPN). Students and parents can look up their complete loan history, including the servicer for each loan, at www.nslds.ed.gov. Access to this site does require the user to have his/her Department of Education PIN.