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.

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. PLUS loan applications are now available for the 2023-2024 academic year. Credit checks are valid for 6 months and if you apply prior to July 1^st 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.

• 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.

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 (6 credits) in a degree or eligible certificate 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.

Parents can view their federal loan history at any time 24/7 through the Studentaid.gov website. 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 1-800-433-3243.