Federal Parent PLUS Loans

Federal Parent PLUS Loans This loan is available to credit worthy borrowers who are either parents of dependent undergraduate students, or graduate students.

Under Direct Lending, the interest rate on a PLUS loan is fixed at 7.9%. For loans disbursed on or after Jul 1st, 2012, there is a 4% origination fee deducted from the loan proceeds. Repayment begins sixty days after the final disbursement.

Parents of Dependent Undergraduate Students

PLUS loan money will first be applied to tuition and fees, with any remaining PLUS money being returned to the parent. To apply for the Parent PLUS loan, please complete the following steps:

  1. Request a PLUS Loan online at www.studentloans.gov.*
  2. Sign the Master Promissory Note at www.studentloans.gov.

(Please note: At the time of this writing, this website only worked with Internet Explorer and Mozilla Firefox.)

*If you are requesting a PLUS Loan for the Fall of 2012 or later, it is advise to do so after June 1st. The credit check performed at the time of application expires after 90 days. This will result in a second credit check at the time of processing before the tuition deadline.

Graduate Students

Graduate students are now eligible to borrow additional funding through the PLUS program. Graduate students may borrow up to the cost of attendance minus any other financial aid awarded. PLUS for GRAD borrowers are subject to the same requirements as PLUS parent borrowers and must be credit-worthy.

Repayment begins sixty days after final disbursement of funds, but the loan is eligible for in-school deferment. It may be possible to pay interest only or reduced payments while you are enrolled at least half time. To apply for a PLUS loan for GRADS for the 2012-2013 year, you will need to complete the following:

  1. Request a PLUS Loan online at www.studentloans.gov.*
  2. Complete the Entrance Counseling Session for the Grad PLUS loan at www.studentloans.gov.
  3. Sign a Master Promissory Note online at www.studentloans.gov.

(Please note: At the time of this writing, this website only worked with Internet Explorer and Mozilla Firefox.)

*If you are requesting a PLUS Loan for the Fall of 2012 or later, it is advise to do so after June 1st. The credit check performed at the time of application expires after 90 days. This will result in a second credit check at the time of processing before the tuition deadline.

Financial Aid

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