Search: Pages   People

Quicklinks: -- Select One -- About the College Academics Admissions Alumni Athletics Blackboard Directory E-mail Employment Events Calendar Financial Aid Library News & Events Student Life Support the College

Federal PLUS Loan

You will need Adobe Acrobat to view these forms. You can download a free copy of the Adobe Acrobat Reader by clicking on the banner below:

The Federal PLUS loan can be borrowed by parents of dependent undergraduate students to help pay for the student's education. PLUS are processed for one academic year at a time. PLUS loan applications must be processed through a private lender who will approve or deny the application based on a review of the parent borrower's credit history. PLUS loans are typically cheaper than private student loans because PLUS loan borrowing terms are regulated by the U.S. Department of Education.

What if the PLUS loan application is denied?
If a PLUS loan application is denied, the student usually becomes eligible to borrow up to $4,000 (freshmen and sophomores) or $5,000 (juniors and seniors) in additional Unsubsidized Stafford Loan. This additional Stafford loan cannot exceed the student's Projected Cost of Attendance minus all other aid (including other loans). Unsubsidized Stafford Loans are not interest free while the student is in school.

Eligibility Requirements:

• The student must enroll for at least 6 credits for each semester in which the PLUS loan will be received.
• PLUS loans are only available to parents, step-parents of dependent students.
• Males 18 through 25 must be registered with the Selective Service Administration who resides in the United States who is U.S. citizens or noncitizens. Students are exempt if they are female, under 18, born before 1960, on active duty in the U.S. Armed Forces, citizens of the Federated State of Micronesia or the Marshall Islands, or permanent residents of the Trust Territory of the Pacific Islands (Palau).
• The student and parent must not owe a refund on any federal grants, must not have borrowed federal student loans in excess of annual or aggregate loan limits, and must not be in default on any federal student loans unless satisfactory payment arrangements have been made.
• The student and parent must be U.S. Citizens, U.S. Permanent Residents, or Other Eligible Non-citizens as defined by the U.S. Department of Education.

Enrollment Requirements: The student must enroll for at least 6 credits for each semester that he/she wants to receive the loan.

Processing Fees: The lender is authorized to change the borrower origination and guarantee fees. These fees will not exceed 4% of the amount borrowed and they will be deducted from each semester's disbursement.

Interest Rate: The interest rate for the Federal PLUS is variable, capped at 9% and reset July 1 of each year to the rate of the 52-week Treasury Bill plus 3.1%. Interest begins accruing when the loan is disbursed.
Repayment Terms: Parents must begin repaying the loan 60 days after the final loan disbursement of the loan period. For fall-spring loans, parents must begin repaying the loan 60 days after the spring disbursement. For one-semester loans, parents must begin repaying the loan 60 days after the first (and only) disbursement. PLUS loan payments cannot be deferred while the student is in school unless the parent is also enrolled half time in school or if the parent borrowed a previous PLUS before July 1992. Interest begins to accumulate at the time the first disbursement is made. The maximum repayment term for the Federal PLUS is 10 years.

Borrowing Limits: Parents may borrow up to the student's yearly Projected Cost of Education minus all other aid the student is receiving (including other student loans). There is no cumulative borrowing limit.

Forms:
New Student PLUS Authorization Form
Returning Student PLUS Authorization Form
Master Promissory Note