General Information
Repayment
Interest Rate

General Information

The Federal Direct Parent Loan for Undergrauate Students is an unsubsidized loan for parents of dependent students. The PLUS loan can be used to meet the Expected Family Contribution (EFC). Parents may borrow any amount up to the Cost of Attendance, minus other financial aid. You will be offered your full parent loan eligibility on the award letter. Your student has the opportunity to accept, decline, or reduce the PLUS loan on Wildcat Connection/SAFARI. To reduce a loan prior to acceptance, click "Accept" and then change the amount in the popup box. Parent borrowers will apply for the Parent PLUS Loan online at www.studentloans.gov by signing into the website with their FAFSA PIN. Once they have signed in they will select  Request a PLUS Loan from the menu and then select Parent PLUS as the type of loan. During this application process the parent borrower will be able to request in-school deferment of payments and will immediately know the results of the credit check. If denied, they have several options available, including appealing the credit decision, applying with an endorer (co-singer), having the school offer the student the addtional unubsidized student loan or not taking action.

The same parent who is approved for a loan must also complete the Parent PLUS Master Promissory Note. The Parent PLUS MPN is for one parent and one student and is good for up to 10 years. For instructions on how to succesfully complete the Parent PLUS MPN click here.

Interest Rate

The PLUS loan is offered with a 7.9% fixed interest rate. The origination fee is 4%. The PLUS loan is available to either biological parent or a step-parent whose financial information is included on the FAFSA.

Repayment

Unless you've requested a deferment, repayment on a PLUS loan begins sixty days (60) after the final disbursed of the academic year.

For PLUS loans disbursed after July 1, 2008, the parent has the option to request a repayment deferment until 6 months after the student graduates or leaves school. The deferment may be requested at the time of application.