Federal PLUS Loans
Federal PLUS loans are for graduate/professional students and parents of dependent undergraduate students. Borrowers can use PLUS loans to help meet the cost of attendance or cover a student's expected family contribution (the amount of money the government expects the parents and student to provide each year for the student's education).
Interest rate and fees
- The interest rate is fixed at 7.9%.
- The origination fee reduction will be applied to principle balance after 12 consecutive payments have been made on account. A fee rebate of 1.5% we be instantly applied to account which would reduce the origination fee to 2.5% instead of the 4%.
How to apply
Parent borrowers:
This loan is designed for parents of the student. Parent of the student is classified as the mother/step-mother, or father/step-father. Any other family members may not apply for this type of loan to assist with tuition and fees.
- Must be a U. S. citizen or eligible non-citizen
- Not in default on a federal student loan
- Not owing a refund on a federal education grant
- Must have an adverse credit history
- Son or Daughter must be enrolled in at least 6 semester hours
- Complete master promissory note at https://studentloans.gov
Graduate borrowers:
- A students who has a valid FAFSA on file
- Complete master promissory note at https://studentloans.gov
- A student whose enrolled at least half time
- A student with good credit history
- Of a co-borrower with strong credit
- Or supporting documentation along with a statement on extenuating circumstances
Loan amount
With a PLUS loan, you can borrow up to the cost of attendance minus any other financial aid awarded.
Receiving Funds?
Parent borrowers:
Once the loan has been disbursed, the funds will be applied to the students account to cover charges. If the student has a credit balance based on the parent’s response on the MPN regarding credit balance, the credit will be sent directly to the parent or to the student.
Graduate borrowers:
Once the loan has been disbursed, the funds will be applied to your account to cover charges. If a credit balance is created, funds will be refunded to your Higher One account preference.
Loan Repayment
Parent borrowers:
- Repayment begins 60 days after the loan fully disburse.
- A deferment can be requested, which will delay repayment until 6 months after the student completes their program of study or drops below half-time enrollment. To apply for a deferment, the parent must contact the Direct Loan Servicing at 1-800-848-0979.
- Up to 10 years to repay the loan
- There is no grace period. Interest begins to accumulate immediately after disbursement.
Graduate borrowers:
- Begin after the loan has disbursed fully for that academic year
- A request for deferment can be submitted for payment to begin upon dropping below half time.
- Up to 10 years to repay the loan
- There is no grace period