Federal Direct Parent PLUS Loan

St. John Fisher University participates in the William D. Ford Federal Direct Parent PLUS Loan Program. The lender of these loans is the federal government and repayment is to the U.S. Department of Education.

Parents, stepparents, and legal guardians of dependent undergraduate students attending at least half-time may borrow the difference between the Cost of Attendance and all other student aid received by the student.

Parent PLUS Loan Basics

Application Form

Students must file the Free Application for Federal Student Aid (FAFSA) for the parent to be eligible for the Federal Direct Parent PLUS Loan.


Borrowers must be U.S. citizens or eligible non-citizens, the student must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher University, and be maintaining satisfactory academic progress for financial aid eligibility. Loan approval is subject to credit criteria established by the Department of Education, and a credit report will be obtained from a national credit bureau.

Interest Rate

Federal Direct Parent PLUS Loans have a fixed interest rate of 7.54% for loans first disbursed prior to July 1, 2023. Loans first disbursed on or after July 1, 2023 will have a fixed interest rate of 8.05%. Loans disbursed on or after October 1, 2020 will be charged a 4.228% fee. Please note: Loan rates and fees are subject to change due to congressional action.

Master Promissory Note for Direct PLUS Loans, including Borrower's Rights and Responsibilities Statement


Federal Direct Parent PLUS Loans can be repaid fully or in part at any time without penalty. The funds are disbursed directly to the school in one or more disbursements via Electronic Funds Transfer (EFT) to the student's account.

Repayment of the loan begins within 60 days after the date funds are disbursed. Repayment may be delayed until six months after the student graduates or is no longer enrolled at least half-time.

Apply for a Parent PLUS Loan

This annual process will allow you to apply for a Federal Direct Parent PLUS loan for the first time or to authorize a new loan amount on a previously signed electronic Master Promissory Note (MPN). Please allow 1 week processing time. Parent completes Step 2 and 3.

  1. Student completes the FAFSA.
  2. PARENT selects Log In at Studentaid.gov. Sign In using your PARENT information. Select Apply for a PLUS Loan under Apply for Aid. Select Direct PLUS Loan Application for Parents. By completing this request, you are authorizing the Department of Education to check your credit report.
  3. FIRST TIME BORROWERS ONLY: At Studentaid.gov, select Complete Master Promissory Note. Select PLUS MPN for Parents of Dependent Undergraduate Student. (First Time Borrowers ONLY.)