Direct PLUS Loans are fixed rate loans available to graduate students and parents of dependent undergraduate students. The interest rate on loans for the period of July 1, 2023, through June 30, 2024, is 8.05% annually, and interest begins to accrue when the loan is disbursed.
This loan is based on the borrower's credit history, and adverse credit may result in the loan being denied. A borrower with adverse credit may still receive a Direct PLUS Loan by providing a qualified endorser, or by documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to the adverse credit history. If a Parent PLUS Loan is denied, the dependent student may be eligible for an additional Direct Unsubsidized Loan.
Direct PLUS Loans are not based on need, however a FAFSA must be completed in order to qualify. Borrowers are encouraged to complete the Annual Student Loan Acknowledgment each year to understand the responsibility to repay the loan and how the loan may impact your financial future.
- Graduate PLUS Loans are available to eligible students enrolled at least half-time in a graduate degree program. First-time borrowers of a Graduate PLUS Loan must complete Entrance Counseling for graduate students. The PLUS MPN for Graduate/Professional Students must also be completed. Entrance Counseling and the MPN can be completed online. Students who have borrowed a Graduate PLUS Loan at a previous institution may be able to use the same MPN for new Graduate PLUS Loans at NMC.
- Parent PLUS Loans are available to the biological, adoptive, or in some cases, stepparent of a dependent undergraduate student enrolled at least half-time. The borrower must complete a Parent PLUS Loan Application and a PLUS MPN for Parents. If the parent borrowed a Direct PLUS Loan for the student at a previous college, NMC may be able to use the same MPN. Please notify the NMC Financial Aid Office if your parent borrower has borrowed a prior Direct PLUS Loan.
A small fee is withheld from each loan disbursement. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For loans first disbursed on or after Oct. 1, 2021, and before Oct. 1, 2024, the fee is 4.228%.