Federal Direct PLUS Loans are funds that may be borrowed by creditworthy parent(s)* for a dependent, undergraduate student. The student must be enrolled on at least a half-time basis and be in good academic standing according to the Federal Financial Aid Satisfactory Academic Progress Policy at the time of application. Parent(s) can borrow up to the cost of a student's education. The interest rate is fixed at 7.9% and an origination fee of 2.5% is deducted by the lender from the actual amount of the loan. Repayment begins 60 days after the loan is fully disbursed to the student's account. Parents may take up to 10 years to repay their PLUS Loan.  To apply for a PLUS Loan, please click here.

After completing the Master Promissory Note (MPN) for the first Plus Loan, a new promissory note will not be required for the student's subsequent years of enrollment at RMU. However, the parent must initiate a new credit approval and request an updated loan amount each academic year.

*Note: If a parent is deemed ineligible to borrow funds under the PLUS Loan program, the student may request to borrow additional Federal Direct Loan funds. These additional loans are always unsubsidized and can total up to $4,000 for the first and second years of study and $5,000 for the third and fourth years of study.