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PLUS

The Parent Plus 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 2019-2020 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.

You will also need to complete an Annual Student Loan Acknowledgment each year you accept a new federal student loan. Our goal is to help you understand how your loans affect your financial future.

What am I acknowledging?

  • If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
  • If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.
Who should complete this?
  • Borrowers accepting a subsidized/unsubsidized loan, a PLUS loan for graduate/professional students, or a PLUS loan for parents.

How long will it take?

  • Most people complete the acknowledgement in less than 10 minutes.

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.

You will also need to complete an Annual Student Loan Acknowledgment each year you accept a new federal student loan. Our goal is to help you understand how your loans affect your financial future.

What am I acknowledging?

  • If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
  • If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

Who should complete this?

  • Borrowers accepting a subsidized/unsubsidized loan, a PLUS loan for graduate/professional students, or a PLUS loan for parents.

How long will it take?

  • Most people complete the acknowledgement in less than 10 minutes.
PLUS

First disbursement on or after

And disbursed before Percent interest rate on the unpaid balance
July 1, 2015 July 1, 2016 6.84​
July 1, 2016 July 1, 2017 6.31​
July 1, 2017 July 1, 2018 7.00​
July 1, 2018 July 1, 2019 7.60​
July 1, 2019 July 1, 2020 7.079

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.

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