Federal PLUS loans are available to the parents or stepparents of dependent undergraduate students as well as graduate students. These credit-based loans require the student to be eligible for Federal Student Aid (most domestic students), and students must file a FAFSA in order to qualify for a PLUS loan.
| Enrollment Periods Beginning Between | Interest Rates |
| Unsubsidized | |
| July 1, 2025 - June 30, 2026 | 8.94% |
| July 1, 2024 – June 30, 2025 | 9.08% |
| July 1, 2023 – June 30, 2024 | 8.05% |
| July 1, 2022 – June 30, 2023 | 7.54% |
| July 1, 2021 – June 30, 2022 | 6.28% |
| July 1, 2020 – June 30, 2021 | 5.30% |
Interest is charged on Direct Parent PLUS loans during all periods, beginning on the date of the loan’s first disbursement. There is no annual limit to the amount that can be borrowed through the Parent PLUS loan program. In general, parents may borrow the difference between the cost of the student’s education and any other financial aid received. PLUS loans may also be used to pay for all or part of the expected family contribution. In addition to the interest, parents pay a loan fee.
| First Disbursement Made | Loan Fee |
| October 1, 2020 – September 30, 2026 | 4.228% |
| October 1, 2019 – September 30, 2020 | 4.236% |
| October 1, 2018 – September 30, 2019 | 4.248% |
Federal Direct Parent PLUS Loans will enter repayment 60 days after the loan is fully disbursed. Parents may request a deferment from their loan servicer while their student is enrolled in school at least half-time and up to six months afterwards. Once the deferment is over, the loan will need to be repaid.
Graduate Students
PLUS Loans will be placed into deferment until six months after a student stops attending school at least half-time. Once the deferment is over, the loan will need to be repaid.
Applications for Federal Direct PLUS loans are available on the Caltech Financial Aid Office website finaid.caltech.edu/typesofaid/loans/plus. Applications must be submitted to the Financial Aid Office for eligibility certification.
Federal Student Aid Ombudsman
The Federal Student Aid Ombudsman works with student loan borrowers to informally resolve loan disputes and problems. The office of the ombudsman helps borrowers having problems with the following federal loans: direct loans (subsidized and unsubsidized Direct Stafford Loans, Direct PLUS loans, and Direct Consolidation Loans); Federal Family Education Loans (subsidized and unsubsidized Stafford Loans, FFEL PLUS loans, and FFEL Consolidation Loans); guaranteed student loans, SLS loans, and Federal Perkins Loans. If a student needs the assistance of the ombudsman in order to resolve disputes or problems, they may contact the office at U.S. Department of Education at studentaid.gov/feedback-ombudsman/disputes/prepare to submit a complaint.
Caltech Loans
Generally, no interest is charged and no repayment of principal is required while a student maintains a continuous course of study at Caltech. Repayment on Caltech loans begins nine months after graduation, leaving school, or less than half-time enrollment. Caltech loans may carry up to an annual interest rate of 5%. More specific information is provided on the promissory note and the disclosure statement provided to students prior to disbursement of the loan.
Other loans/emergency loans may be available to students regardless of their eligibility for financial aid. These loans are usually payable within the same academic year and are administered by the dean of students on a case-by-case basis. Additional information and applications may be obtained from the dean of students’ office deans.caltech.edu/Grants_Funding/short-term-and-emergency-resources.
The Dean’s Office also has a no-interest, 30-day emergency-loan program for students who need funds on a short time basis. The loans are ordinarily limited to $500 but there is some flexibility with regard to this limit. Additional information and applications may be obtained from the Dean’s Office deans.caltech.edu/Grants_Funding/short-term-and-emergency-resources.
Private Loans
A private education loan is a student loan issued by a private financial institution https://www.finaid.caltech.edu/typesofaid/loans/private. Since they are not originated by the Department of Education, private loans will not be subsidized by the federal government. Additionally, private loans will not have the same features as their federal counterparts, so interest rates and repayment options will vary.
If you are considering a private education loan, make sure you:
- Look for ways to reduce your expenses before you decide how much to borrow.
- Borrow only what you absolutely need.
- Ask questions and compare the rates and terms offered by different lenders.
Note: The amount of your private loan will be disbursed in three equal payments, one per term.
Helpful link to find a private education loan: finaid.org