The Parent Loan for Undergraduate Students (PLUS) is a government-guaranteed loan that families can use to cover all or a portion of their student's educational expenses and is available to families of all income brackets. Students must be enrolled at least half-time (6+ credit hours) per semester to be eligible for a Federal PLUS Loan. A FAFSA (Free Application for Federal Student Aid) is required for a Parent PLUS loan.

Application Process

As a parent of a dependent, undergraduate student, you may complete the following steps to apply for a Federal Direct Parent (PLUS) Loan.

  1. Complete and sign the Plus Loan Request Form. Return the completed form to the USF Financial Aid Office, 1101 W 22nd St., Sioux Falls, SD 57105 or fax it to 605-331-6615.
  2. Complete and sign a PLUS Master Promissory Note (MPN). You will use your (not the student's) FSA ID and password to sign the MPN and Loan Acknowledgment. This is the same ID and password used to sign the FAFSA.

Once the PLUS Loan Request Form is received by the USF Financial Aid Office, the borrower's information will be sent to the US Department of Education, at which time a mandatory credit check will be performed. You will receive notification of eligibility from the US Department of Education via mail.

Determining Your Loan Amount

There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's education minus any other financial aid received. USF will determine the actual amount you may borrow. We encourage all parent Federal Direct PLUS Loan borrowers to review costs with their student(s) and to borrow only the amount that will help ensure their success. If you have questions about determining the amount to borrow, please call us at 800-888-1047 or email


USF will apply the Direct Loan funds to a student's account one time each semester to pay for tuition, room and board.  If any loan funds remain they will be returned to the student. All loan funds must be used for educational expenses.

Interest Rate

The interest rate for Direct PLUS Loans, first disbursed on or after July 1, 2022, and prior to July 1, 2023, is fixed at 7.54 percent. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement.

Other Charges

For PLUS loans, that are first disbursed on or after October 1, 2022 and before October 1, 2023, a 4.228% origination fee is deducted from each disbursement. Please follow directions on the Plus Loan request form to calculate loan amount with origination fee factored in.