Federal Direct PLUS Loan
PLUS
Unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
For more information about Parent PLUS loans and to apply for a Parent PLUS loan, go to the Student Loans website and click on “Parent Borrowers”.
If a parent is accepting PLUS Loan funds for the first time, Parent must complete an online Master Promissory Note before receiving their loan funds.
Description
- Federally funded
- Existing PLUS Loans can be consolidated.
- Parent borrows on behalf of undergraduate student.
Eligibility
- Non-need based (Cost of Attendance minus other aid)
- Student must be enrolled at least half-time in a degree or certificate program
- Borrower cannot be 90 days or more delinquent on the repayment of any debt (180 days delinquent on mortgage loan or medical bill payments) or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years.
Terms
- This loan will be listed on your award letter only if a separate application is submitted and approved.
- Repayment of principal and interest begins 60 days after loan disbursed. For PLUS loans first disbursed after July 1, 2008, parents have the option of deferring repayment until six months after the dependent student is no longer enrolled at least half-time. To request deferment, call 1-800-848-0979.
