Direct Plus Loans
PLEASE NOTE: All Federal PLUS Loan borrowers must complete a Free Application for Federal Student Aid (FAFSA). This is available at: http://www.fafsa.ed.gov
Federal Direct PLUS Loans
PARENTS PLEASE NOTE: If you plan to borrow during the 2014-15 academic year, we ask that you begin the federal loan application for the Federal Direct PLUS loan on or after August 1, 2014.
Parent credit approval expires after 90 days and the Master Promissory Note origination must be initiated by our office within 30 days of completion. The Financial Aid Office will begin processing all completed Federal Loan applications (completed Request to Borrow, Master Promissory Notes, and credit approval) after August 1, 2014.
Federal Direct PLUS loans are available to parents of undergraduate students if they are credit-worthy applicants. A parent of an undergraduate student may borrow up to the total estimated cost of attendance less financial aid resources received by the student. Because the funding for Federal Direct PLUS loans comes straight from the U.S. Department of Education, students and parents do not have to find a lender to borrow through this program.
PLUS Interest Rate and Fees
For current information on Direct PLUS loan interest rates and fees, please review visit the Direct Loan web page at: http://direct.ed.gov/calc.html. Interest begins accruing after the first disbursement and repayment of both the principal and interest begins within 60 days after the final disbursement of the loan.