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Parent PLUS Loan |
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The Federal Parent Loan for Undergraduate Students (PLUS) is a non-need credit based loan available to parents of undergraduate students. The loan is to be used to pay for tuition, fees, room and board, and other school charges. You may review the PLUS Loan Lender list to learn more about the borrower benefits each lender offers. If approved, the Office of Financial Aid will receive notification to certify the loan. If denied, the school will be notified and the student will be considered for Additional Unsubsidized Stafford Loan eligibility. The interest rate on a PLUS Loan is variable, adjusted each year on July 1, but will never exceed 9%. Parents will be notified of interest rate changes throughout the life of their loan. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full. Repayment begins 60 days after the loan is fully disbursed. Most lenders require the parent to begin making payments 60 days after the 2nd disbursement (usually in the Spring semester). Some lenders allow for payments to be put into deferment. To do this, the parent must contact the lender when they receive notice of payment and request a deferment. Payments will then be deferred, however interest will continue to accrue and capitalize. To Apply for a PLUS Loan You may sign your PLUS Master Promissory Note electronically. To do so you must have your Department of Education PIN number to electronically sign your PLUS MPN. If you do not have a PIN, you may register for one at www.pin.ed.gov. If approved for the loan, the Office of Financial Aid will receive notification to certify the loan. If you are denied a Plus Loan, please know that your denial may give your child additional unsubsidized loan eligibility. |
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