What is a Federal Direct Parent PLUS Loan?
The Federal Direct Parent PLUS Loan is one that a parent can utilize to help pay for a student's educational expenses. This loan is for parents of dependent, undergraduate students who are enrolled at least half time (six credits or more). These loans are processed through the U.S. Government. Parents must be credit-worthy and have no adverse credit history.

How much money can my parent borrow?
Your parent can borrow up to the cost of attendance (COA) for the year, minus any other financial aid you receive.

What if my parent is NOT approved for the PLUS Loan?
If your parent is NOT approved for the PLUS Loan, you will be eligible to receive more Direct Stafford Unsubsidized Loan funds. You will be notified of this additional award by the Student Financial Services Office.

How does my parent apply?
Your parent must apply online at www.studentloans.gov. Click on request a direct plus loan. Make sure they complete their promissory note (MPN).

What is the interest rate?
Federal Direct PLUS Loans disbursed after July 1, 2009 will have a fixed interest rate of 7.9%. Parents will be notified of interest rate changes throughout the life of their loan. Interest is charged on the loan from the date the first disbursement is made until the loan is paid off.

What are the repayment terms?
Payments are generally required on this loan while the student is in school and begin after the loan is fully disbursed for the year, but can be deferred until six months after the student graduates, leaves school, or is enrolled for less than six credits. If payments are deferred during the in-school period and/or the six month post-enrollment period, parents will receive quarterly interest statements and have the option to pay the accrued interest. If such interest payments are not made, any unpaid accrued interest will be capitalized (added to the principal loan balance) at either the end of the in-school deferment or, if taken, the end of the six-month post-enrollment deferment, increasing the overall loan costs.

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