All PLUS loan borrowers are required to borrow through the federal government's Federal Direct Loan Program. Federal Direct PLUS Loans come with a fixed interest rate of 7.9 percent and repayment begins 60 days after the loan is fully disbursed, unless the borrower chooses the deferment option on the PLUS loan application. For all loans disbursed after July 1, 2012, a 4% processing fee will be deducted from the loan proceeds, so it is important that borrowers take this fee into consideration when calculating the amount needed
Begin the application process.