PLUS (Parent Loan for Undergraduate Students)
The Parent Loan for Undergraduate Students enables parents who do not have an adverse credit history to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time.
The interest rate is a fixed rate and there is an origination fee deducted proportionately from each loan disbursement. Credit checks are conducted to determine loan approval. If the loan is denied the parent (borrower) will be notified once the application is completed. Repayment on the PLUS begins 60 days after the final loan disbursement for the period of enrollment for which the loan is made, or borrowers may choose to defer payments until 6 months after the date the student ceases halftime enrollment. Direct loans with a loan period of one semester will be divided and disbursed in two parts. The first disbursement will take place after all eligibility requirements for the loan are met and the second disbursement will occur at the mid point of the semester. Parents may borrow up to a student’s full Cost of Attendance (COA), minus any other financial aid and direct resources.
To apply for the PLUS loan, parents must complete the online PLUS application & the Master Promissory Note. Both of these items can be completed through www.studentloans.gov. Plus loan applications are now available for the 2016-2017 academic year, but we recommend waiting until July 1. Credit checks are valid for 6 months and if you apply prior to July 1st you may need to reapply mid-year.
Graduate PLUS Loans
The Graduate PLUS loan is a loan that a students working toward a graduate or professional degree can borrow if they meet the eligibility requirements. Students must meet general eligibility requirements to receive financial aid including but not limited to: completing the FAFSA, completing the PLUS application request, being enrolled at least half time in a degree or certificate granting program, and pass a credit check at the time of the PLUS application. If the loan is approved the student must complete entrance counseling and master promissory note. For more specific information or questions please refer to the Federal Student Aid site for PLUS loans.
First disbursement of a loan:
Interest rate on the unpaid balance
Made on or after
And made before
|July 1, 2015
||July 1, 2016
National Student Loan Data System
Parents can view their federal loan history at any time 24/7 through the National Student Loan Data System. You will need your Federal Student Aid ID & password (the same used to sign the FAFSA) to log into the system. For questions regarding NSLDS, please contact the Federal Student Aid Center at 1-800-4FED-AID.