1. Short title This Act may be cited as the Parent PLUS Loan Improvement Act of 2018 . 2. Applicable rate of interest for PLUS Loans Section 455(b)(8) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b)(8) ) is amended— (1) in subparagraph (C), by inserting and before July 1, 2018, after , 2013, ; and (2) by adding at the end the following: (G) Reduced rate for Parent PLUS loans Notwithstanding the preceding paragraphs of this subsection, for Federal Direct PLUS Loans made on behalf of a dependent student for which the first disbursement is made on or after July 1, 2018, the applicable rate of interest shall be determined under subparagraph (C) of this paragraph— (i) by substituting 3.6 percent for 4.6 percent ; and (ii) by substituting 9.5 percent for 10.5 percent . . 3. Elimination of origination fee for Parent PLUS loans Section 455(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(c) ) is amended by adding at the end the following new paragraph: (3) PLUS loans With respect to Federal Direct PLUS loans made on behalf of a dependent student for which the first disbursement of principal is made on or after July 1, 2018, paragraph (1) shall be applied by substituting 0.0 percent for 4.0 percent . . 4. Counseling for Parent PLUS borrowers Section 485 of the Higher Education Act of 1965 ( 20 U.S.C. 1092 ) is amended by adding at the end the following: (n) Counseling for parent PLUS borrowers (1) In general The Secretary, prior to disbursement of a Federal Direct PLUS loan made on behalf of a dependent student, shall ensure that the borrower receives comprehensive information on the terms and conditions of the loan and the responsibilities the borrower has with respect to such loan. Such information— (A) shall be provided through the use of interactive programs that use mechanisms to check the borrower’s understanding of the terms and conditions of the borrower’s loan, using simple and understandable language and clear formatting