A government loan option for parents and grad students
There are two types of Federal Direct PLUS Loans:
- If you’re a parent of a dependent undergraduate student, you can apply for a Federal Direct Parent PLUS Loan to pay for your child’s education.
- If you’re a graduate student, you can also apply for a Federal Direct Graduate PLUS Loan to pay for your own education, after you’ve completed the application procedure for the Federal Direct Unsubsidized loan.
You don’t have to show financial need to apply for a Federal Direct PLUS Loan, but you (or your child, if you’re applying for a parent loan) must fill out a FAFSA each year and meet the eligibility requirements.