Federal PLUS Loan Process
Federal Direct PLUS Loan Borrower Instructions
- Go to StudentLoans.gov
- Click Parent Borrowers. Then click "Apply for a PLUS Loan."
- Log in using your FSA ID
- Click "Start" under "Apply for a PLUS Loan"
- Once the PLUS Application has been completed you must complete the Master Promissory Note
- All PLUS Loan funds will be processed as a Fall/Spring loan with two equal disbursements unless specified during the loan application process. If you choose "Maximum Loan Amount," "Unknown" or "School Credit Balance Options", on the application, please be aware your loan amount will be calculated by subrtacting your student's aid package from the overall cost of attendance. Please have your student visit "YOUR CONNECTION" for exact cost of attendance figures.
Please note: It will take approximately 2-3 weeks for the Financial Aid Office to process your Federal PLUS loan.
Federal Direct PLUS Loan
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's education minus any other financial aid received. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. (Refer to Step 1 above and select "Endorse a PLUS Loan")An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan. Please note, any applicant on or after March 29, 2015 per the Higher Education Act (HEA), that is determined to have an adverse credit history, but is approved for a Direct PLUS Loan after documenting extenuating circumstances or obtains an endorser must complete PLUS Loan counseling. The Department of Education will notify the Direct PLUS Loan applicant who is required to complete the new counseling requirement through an electronic or paper correspondence.
Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds. Freshmen and Sophomore students can receive an additional $4000 in an Unsubsidized Stafford loan for the academic year and Junior and Seniors can receive an additional $5000 in an Unsubsidized Stafford loan if the parent is denied a PLUS loan. The Financial Aid Office will directly send a letter to the student requesting permission to award the additional Unsubsidized Stafford loans.
Fees and Interest Rebate
|Academic Year||Origination Fee|
|Loan disbursed on or after Oct 1, 2017||4.264%|
|Loan disbursed on or after Oct 1, 2016||4.276%|
*The Up-front Interest Rebate percentage is the amount given to borrowers after the Origination Fee has been deducted from each loan disbursed. Parents must make all of the first 12 required monthly payments on time or the rebate amount will be added back to the principal balance of the loan.
|Academic Year||Interest Rate|