DePaul University > Admission & Aid > Financial Aid > Types of Aid > Federal Loans > PLUS Loans
There are two types of PLUS Loans:
PLUS Loans are credit-based loans that require a separate application – in addition to the FAFSA. Borrowers are generally eligible if they do not have an adverse credit history, are not in default on a federal student loan, and meet the requirements in the application.
Borrowers must lift or remove any security freeze placed on their credit file at each credit bureau before completing a PLUS loan application. The application process for a PLUS loan cannot be completed if there is a security freeze in place.
Select the type of PLUS Loan for more information on how to request this loan.
Important Consideration before applying:
The Federal Direct Grad PLUS Loan program is one of many credit-based educational loan choices for graduate study. You are encouraged to compare the interest rates, credit check requirements, deferment options, terms, and repayment of PLUS Loans with those of private loans.
The credit check for the PLUS Loan will not be as stringent as that of most private loans, which often look at debt-to-income ratio. Grad PLUS Loans can be consolidated with other Federal Direct Loans (subsidized/unsubsidized), which allows students to have only one payment after graduation. Private loans cannot be consolidated with federal loans. Interest rates for PLUS Loans tend to be lower than many private loans.
Federal regulations stipulate that Direct PLUS loans be distributed in even disbursements across the loan period. For example, if a borrower requests a loan for the academic year —Autumn, Winter, and Spring terms — the total amount of the loan will disburse evenly across these three terms. We encourage you (and your parent, if applicable) to calculate the amount needed for the entire academic period and request that amount.
Repayment begins after the final loan disbursement is made; however, a borrower can choose to defer payments on the interest and principal until six months after the date the student ceases to be enrolled at least half time. If a borrower chooses to defer payments, the accruing interest can be paid by the borrower monthly or quarterly. If interest is not paid while the loan is in deferment, it will be capitalized quarterly. If you can afford to make interest-only payments while in deferment, it’s a good way to help manage the cost of the loan. Click here for more information on your loan repayment options.
Federal Direct Parent PLUS Loan Resources
Federal Graduate PLUS Loan Resources