Parent PLUS Loan
The Federal Parent Loan for Undergraduate Students (PLUS) is a 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. We encourage families to first exhaust students’ Stafford Loan eligibility before borrowing a parent loan. We also advise families to only borrow the minimum needed to help pay for school.
Parent PLUS Loan Quick Facts |
|
Credit Check: Parents must pass a credit check to receive a federal parent loan. If a parent’s credit is denied, the school will be notified and the student will be considered for additional unsubsidized Stafford loan eligibility.
Interest Rates: Interest rates are fixed at 8.5 percent.
Repayment: Parents may choose to begin repaying the loan 60 days after the loan is fully disbursed or six months after the student graduates from college or ceases to be enrolled at least half-time.
Refunds: Loan funds are applied to the student’s account, and any refund generated after the student’s balance is paid will be sent to the parent by check.
Student Enrollment: Students must be enrolled at least half-time (6 credit hours) in order to receive federal parent loan funds.
|
Thomas More has established relationships with the following preferred lenders who have committed to participate in the federal loan program with our parents and students. Providing excellent customer service is important to each of these lenders. The application process as well as the receipt of funds is an automated process that provides a fast and secure way of delivering loan information and loan funds. Below you will find information about the loan products each lender offers. Please use this information to select the lender of your choice. It is also your prerogative to use a lender who is not listed below.
| Loan Detail |
Wells Fargo EFS |
Discover |
Sallie Mae |
Fifth Third |
| Who is eligible? |
Parents of undergraduate students |
Parents of undergraduate students |
Parents of undergraduate students |
Parents of undergraduate students |
| Credit Check Required |
Yes |
Yes |
Yes |
Yes |
| Interest Rate |
8.5% fixed |
8.5% fixed |
8.5% fixed |
8.5% fixed |
| Interest Rate Reduction |
0% |
0.25% |
0.25% |
0.25% |
| Origination Fee |
3.0% |
3.0% |
3.0% |
3.0% |
| Default Fee |
1.0% |
1.0% |
1.0% |
1.0% |
Parents may sign a master promissory note for the Parent PLUS Loan with the PIN number they used to sign their student’s FAFSA. To register for a PIN or to access a forgotten number, please visit www.pin.ed.gov.
|
