Federal PLUS Loan
(for parent of a
dependent undergraduate student)
Federal Parent
Loan for Undergraduate Student
(PLUS) is available to parents or custodial
stepparents of dependent undergraduate
students attending school at least half
time. PLUS loans are solely the
responsibility of the parent borrower.
-
PLUS loans are not
dependent upon your family’s income or
assets and no collateral or cosigner is
required. You must, however, meet
certain credit criteria.
-
Variable annually
interest rate, based on 91-day Treasury
bill.
-
The PLUS Loan is
repaid by the parent, and the
repayment period typically begins within
30-60 days after the full amount of
the loan is disbursed to the school for
the academic year.
-
The loan limit is
up to full cost of education minus any
other financial aid received.
-
Up to 4% federal
origination fee/insurance premium will
be deducted from the loan proceeds prior
to disbursement.
-
The interest rate for
Direct PLUS Loans is fixed at 7.9%
Parent
Loans will not be disbursed to a student’s
account until the University has a valid
FAFSA
on file, acceptance of the PLUS loan by
return of the signed award letter and a PLUS
FFEL MPN has been completed. |
