2021-22 Academic Year
- Interest Rate is 6.28% for Direct PLUS Loans first disbursed on or after July 1, 2021 and before July 1, 2022.
2022-2023 Academic Year
- Interest Rate is 7.54% for Direct PLUS loans first disbursed on or after July 1, 2022 and before July 1, 2023.
These are fixed interest rates for the life of the loan.
Understand Net vs. Gross Federal Direct Loan amounts
There is a 4.228% loan origination fee (for loans first disbursed on or after October 1, 2021 and before October 1, 2022) on all Direct PLUS Loans. The loan fee will be proportionately deducted from each loan disbursement. The Gross Amount of the loan is what you request and are responsible for repaying. The Net Amount of the loan is what pays to the student's account. The Net Amount is the Gross Amount of the loan minus the origination fee.
|Gross Loan (amount requested)||$10,000|
|Loan Origination Fee (4.228%)||- $423|
|Net Amount (amount disbursed)||= $9,577|
More information on Federal Direct PLUS loan fees and interest rates is available here.