Federal PLUS Loans
PLUS Loans are federal loans available for graduate/professional students and parents of dependent undergraduate students. The application for a PLUS Loan is through the government. You can apply online through studentaid.gov, under the "Loans and Grants" dropdown at the top of the website.
Please allow a week for BYU to move forward with the loan once your application is approved. Check MyAid Dashboard for additional tasks.
For PLUS Loans disbursed between July 1, 2024 and June 30, 2025, the interest rate is 9.08%. Interest begins accruing after the first disbursement. For interest rates in previous academic years, go to studentaid.gov.
PLUS Loan funds will first disburse to the student account to pay outstanding tuition, on-campus housing, and meal plan charges. Excess funds will then be refunded to the borrower. For Parent PLUS Loans, that means the funds will be refunded to the parent borrower, rather than the student. Parents can set up direct deposit to have the funds deposited to their bank account by setting up direct deposit on their own My Financial Center account.
Eligibility
- The parent or graduate borrower must pass a credit check
- The student must be enrolled at least half-time
- 6 credits for undergraduates
- 4.5 credits for graduates
- Must be a US citizen or eligible non-citizen; International students are not eligible
- Financial need is not required
Loan Repayment
Graduate and Parent PLUS Loans do not receive a 6-month grace period like the Federal Direct Subsidized and Unsubsidized Loans. However, if you're a graduate or professional student, you will automatically receive a 6-month deferment of the loan once you leave school, drop below half-time, or graduate. During that time, you are not required to repay the loan. Interest will continue to accrue.
Parents who borrow the Parent PLUS Loan do not automatically receive a 6-month deferment of payments. They will go immediately into repaying the loan after it fully disburses. However, your parent can request to have a 6-month deferment after you graduate, leave school, or drop below half-time.
Loan Amounts
Loans are typically awarded for fall and winter semesters, with the loan amount split so that half is applied to your fall student account and the other half is applied to your winter account. If you are attending spring/summer, and received a PLUS Loan during fall and winter, you (or your parent for the Parent PLUS Loan) will need to apply for a new loan to cover spring/summer costs. If you are applying for aid during winter semester and did not attend fall semester, the loan will be awarded for winter only.
You may borrow up to your (or your student’s) Cost of Attendance, minus other financial aid. Subsidized and/or unsubsidized loans must be awarded prior to the awarding of a PLUS Loan. Your Cost of Attendance is found on MyAid Dashboard.
Master Promissory Note
The Master Promissory Note (MPN) is a document you sign promising to repay the loan you borrow. It also contains terms and conditions of the loan. The promissory note is valid for multiple Graduate or Parent PLUS Loans and is generally good for 10 years if you borrow a loan on it within a year. After 10 years, you will need to sign a new MPN.
The PLUS Loan MPN is separate from the subsidized/unsubsidized loan MPN, and if borrowing both loan types for the first time, you would need both MPNs signed. If you are a graduate student, you must sign the PLUS Loan MPN. If you are a dependent undergraduate, the parent who submitted the Parent PLUS Loan application is the one who must sign the MPN.