PLUS Loan Interest Rates
PLUS loan interest rates are determined by the US Department of Education. The rate for both Parent PLUS Loans and Graduate PLUS Loans are currently fixed at 7.21%.
Parent PLUS Loan Rates
For parents of undergraduate students, the interest rate for a PLUS (Parent Loan for Undergraduate Students) loan is fixed at 7.21%. If you choose to defer payments until after the student graduates, interest accrues on this loan when it is disbursed to the school.
When you receive your first bill, you'll learn how to sign up for the electronic debit account (EDA) option and have your bank automatically make your monthly loan payments for you from your checking or savings account. You won't have to write checks, use stamps, or worry if your payment will get to us by the due date. In addition, there is a 0.25% reduction in the interest rate on your loans during any period when your payments are made through EDA.
If you are a parent with PLUS Loans and you want to lower your monthly payments, you may consider consolidating your PLUS Loans after the final disbursement for each academic year.
Graduate PLUS Loan Interest Rates
For graduate students, the interest rate for a Graduate PLUS loan is also 7.21% fixed. Interest accrues on the Graduate PLUS loan when it is disbursed to the school. You may receive a 0.25% repayment interest rate credit when payments are set up for automatic debit from a bank account.
If you are a graduate student, consider all your financing options.
PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.