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Office of Financial Aid

Federal Direct PLUS Loan

The is a loan program that allows parents of undergraduate students to borrow a loan that can be used to assist with paying for tuition, fees, and housing and food (on-campus students). To qualify for this loan, you must not have an adverse credit history. A credit check will be conducted. If you have an adverse credit history, you may still be able to receive a PLUS loan if you meet additional requirements. 

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, established new loan limits for the Direct PLUS Loan program impacting how much parents can borrow for their eligible dependent undergraduate students. 

Starting July 1, 2026, new annual and aggregate loan limits apply to parent PLUS loans. Your borrowing limit depends on whether your child qualifies for the limited exception. If your child qualifies, you can continue borrowing up to the cost of attendance minus any other financial aid your child receives. 

If your child doesn't qualify, the maximum amount that can be borrowed by all parents is up to $20,000 per academic year and up to $65,000 over the course of the child's undergraduate study. Regardless of the amount you may be eligible to borrow, your child's school might limit the amount you may borrow based on the program of study your child is enrolled in. .

For Direct PLUS Loans first disbursed on or after July 1, 2026, and before July 1, 2027, the interest rate is 9.07%. This is a fixed interest rate for the life of the loan. Additionally, there is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage for all Direct PLUS loans first disbursed on or after Oct. 1, 2020, is 4.228%. Loans first disbursed before that date had different loan fees.

Interest accrual begins on the date of the first disbursement and the first payment is due 60 days after the final disbursement. The parent has the option to defer the Direct PLUS loan if the student is enrolled at least half-time. For many parents, interest paid on PLUS Loans is tax deductible. For more information on education tax benefits, read the Internal Revenue Service's Publication 970, "."

Maximum Loan Amount & Repayment

I’m a parent PLUS borrower, all my Direct PLUS Loans for parents are first disbursed before July 1, 2026, and I don’t plan to receive new parent PLUS loans on or after July 1, 2026.
  • Because all your loans are first disbursed before July 1, 2026, you’ll retain access to many of the existing fixed payment repayment plans, as well as the Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) Plans (if you take additional steps). If you have any type of Direct Loan — including a Direct Consolidation Loan — that is first disbursed on or after July 1, 2026, then your access will be limited to only the . Learn about 
  • If your loans are all first disbursed before July 1, 2026, you’ll have access to the following repayment plans:
    •  (requires additional steps)
  • If you have parent PLUS loans, you must take additional steps before you can access the IBR or ICR Plans. Specifically, you’re required to consolidate your parent PLUS loans into a Direct Consolidation Loan before you can access either the IBR or ICR Plans. After your parent PLUS loans have been consolidated, you’re required to make at least one payment on the ICR Plan before you can access the IBR Plan. 
     
  • If you take out a PLUS loan for parents and you have any type of Direct Loan, including a Direct Consolidation Loan, that is first disbursed on or after July 1, 2026, then you’re restricted to only the Tiered Standard Plan. If you want to repay your parent PLUS loans using the IBR or ICR Plans, then your Direct Consolidation Loan must be disbursed before July 1, 2026. We are not currently experiencing a delay in processing the consolidation applications. We do anticipate that many borrowers will apply to consolidate their loans between now and July 1, 2026. We strongly recommend that borrowers who must consolidate their loans to access the IBR, ICR, and PAYE Plans apply for their consolidation loan at least three months before July 1, 2026, to ensure that their consolidation loan is disbursed before July 1, 2026. 
     
  • If you have a Direct Consolidation Loan that includes a PLUS loan for parents and you want to access the IBR or ICR Plans, you can enroll in either plan at any time, with the following two restrictions:
    1. The ICR Plan will be eliminated no later than July 1, 2028. If you have a Direct Consolidation Loan that includes a PLUS loan for parents and you want to access the IBR Plan, you must first make a single payment while enrolled in the ICR Plan before the ICR Plan is eliminated no later than July 1, 2028.
    2. If at any point you receive any type of Direct Loan—including a Direct Consolidation Loan—first disbursed on or after July 1, 2026, then you’ll have access to only the Tiered Standard Plan, even if you’ve been enrolled in the IBR or ICR Plans. If you take all of the required steps to access the IBR or ICR Plans and then take out any type of Direct Loan that is first disbursed on or after July 1, 2026, your servicer will move your loans already in repayment to the Tiered Standard Plan. You’ll have the option to apply for and enroll in the  for your Direct Loans that aren’t parent PLUS loans or Direct Consolidation Loans that don’t include parent PLUS loans.

OBBBA eliminates the ICR and PAYE Plans entirely in the future. We will publish more information about the ICR enrollment deadlines that borrowers with consolidated parent PLUS loans must meet before the ICR Plan is eliminated for borrowers to continue to be able to access the IBR Plan.

I’m a parent PLUS borrower, and all my loans are first disbursed before July 1, 2026, and I do plan to receive new loans on or after July 1, 2026.

Loan Limits

  • Some parent PLUS borrowers who receive a Direct PLUS Loan for parents on or after July 1, 2026, will qualify for an exception regarding when the new for the Direct PLUS Loan program will apply. If you’re ineligible for the exception, then the new loan limits will apply to you starting on July 1, 2026. If you do qualify for the exception, then the new loan limits for parent PLUS loans will be enforced no later than the 2029–30 award year, but they could be enforced earlier if your child takes an action that cancels the exception. You can determine whether you
  • If you do qualify for the exception, the maximum annual amount you may borrower is equal to your child’s cost of attendance minus other aid that your child received. If you don’t qualify for the exception (including if you previously qualified for the exception but took an action that cancels the exception), then you’ll have reduced borrowing eligibility starting on July 1, 2026.  
  • Dependent undergraduate students will be able to receive up to $20,000 annually received by all parents, with an overall aggregate amount of $65,000 per student. After reaching the limit, parents won’t be permitted to receive additional parent PLUS loans.
  • The limitations for receiving parent PLUS loans are applicable to each student for which a parent is receiving a PLUS loan. Practically, this means the following three things:
    1. If you have two or more students for whom you’re borrowing, you can borrow up to the cost of attendance minus other aid received, not to exceed $20,000 annually, for each student.
    2. If you have two or more students for whom you’re borrowing, you can borrow up to $65,000 for each student.
    3. If a student has multiple parents who each would like to receive a PLUS loan on the student’s behalf, the annual and aggregate limitations apply based on the student, not the parents. This means that if two (or more) parents want to receive a PLUS loan for parents, they may not borrow more than $20,000 annually, or $65,000 with all the parents combined.
  • If it’s determined that one or more parents have adverse credit and are unable to receive a PLUS loan, then the limit increases for how much in Direct Unsubsidized Loans a student may borrow. One or more parents reaching their annual or aggregate limit for receiving PLUS loans doesn’t increase the student’s ability to receive additional Direct Unsubsidized Loans.
  • Your student’s institution may set a loan limit that is lower than the maximum amount allowed by law, if the same limit is applied to all students in the same program of study. 
Repayment Plans
  • If you have parent PLUS loans or a Direct Consolidation Loan that includes a parent PLUS loan, or any other type of Direct Loan, any of which are first disbursed on or after July 1, 2026, then you’re permitted to repay the Direct Consolidation Loan or the parent PLUS loan under only the .
  • If you have other types of Direct Loans that are not a PLUS loan for parents or a Direct Consolidation Loan that includes a PLUS loan for parents, then those other loans may be repaid under either the  or the Tiered Standard Plan.
  • If you have a Direct Consolidation Loan that paid off a Direct Consolidation Loan that paid off a PLUS loan for parents (sometimes referred to as a double consolidation) or any other type of Direct Loan, any of which is first disbursed on or after July 1, 2026, then you’ll have access to only the Tiered Standard Plan for your Direct Consolidation Loan or your parent PLUS loans 

Application Process

  • Learn more about the before you apply.
  • Â鶹Porn requires parents to submit the online.
  • Prior to applying for a Direct PLUS Loan, the student must have filed a current .

To begin the process for the academic year 2026-2027:

  1. Go to .
  2. Scroll down to click on the Parent tab.
  3. Select the “Â鶹Porn for a Parent PLUS Loan” under Popular Topics.
  4. Kindly review all information on this page before proceeding to log in.
  5. Click on LOG IN TO START and log in using your (parent) FSA ID, not the student's FSA ID.
  6. Select the 26-27 Award Year, then begin typing in your student’s information.
  7. The loan period for the summer 2026 semester spans from May 2026 to August 2026. (For undergraduate students, summer sessions are billed separately, thus requiring a separate loan application solely for the summer session).
  8. The loan period for the fall 2026/spring 2027 semester extends from September 2026 to May 2027.
  9. Please be sure to double check any pre-filled information to confirm it is correct! Be sure the parent is listed as the borrower and not the student.
  10. Review terms and disclosures.
  11. Submit application.
  12. You will get the status of your plus loan at the end of the application.

For an approved application:

  1. Complete the MPN (Master Promissory Note). Choose the option "PLUS MPN for Parents." This PLUS MPN is good for 10 years.

If not approved:

  1. Please follow the instructions provided on the federal site to proceed with adding an endorser, appealing the decision, or requesting the additional unsubsidized loan.
  2. Send an email to rbass@loyola.edu if you submit an appeal, add an endorser, or are requesting the additional unsubsidized loan. Please include the student's name and ID number.

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