Parents of dependent undergraduate students can apply for assistance through the Federal Direct PLUS Loan program. Through this program, parents can borrow up to the annual cost of attendance minus any other financial aid that the student receives for the year. Students must be enrolled at least half-time and maintain satisfactory academic progress in order to be eligible. Eligibility for a PLUS loan is based on a parent's creditworthiness and not on financial need. Repayment of PLUS loans begin 60 days following the final disbursement of the loan each year. Parent borrowers may defer repayment while the student is enrolled at least half-time, and for an additional 6 months beyond the student's graduation or when the student drops below half-time enrollment. Deferment periods must be corrected by contacting your Direct Loan servicer.
In order for funds to be available for payment purposes, applications should be submitted by:
Interest Rates for loans disbursed from July 1, 2014 - June 30, 2015:
|Loan Type||Borrower||Interest Rate*||Origination Fee*||Grace Period||Deferment||Repayment|
|Parent PLUS||Parent of a dependent undergraduate||7.21% Fixed||
4.288% (if first disbursed between July 1, 2014 and September 30, 2014)
4.292% (if first disbursed between October 1, 2014 and June 30, 2015)
|There is no grace period for PLUS loans.||You may receive a deferment if the dependent student is enrolled at least half-time in a degree-seeking program of study.||Repayment begins 60 days after you have received the last installment for the loan period.|
You may borrow up to the cost of attendance minus any other financial aid that the student is receiving for each academic year.