PLUS

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. 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.govPLUS loan applications for the 2014 - 2015 academic year will be available starting June 1st.

PLUS
 
First disbursement of a loan:
 
 
 
Interest rate on the unpaid balance
Made on or after
 
And made before
 
x
July 1, 2013
 
7.9 percent
July 1, 2013
July 1, 2014
6.41 percent
 
July 1, 2014 July 1, 2015 7.21 percent

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 PIN (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.