Federal Parent Loans

Parent Loans for Undergraduate Students or PLUS Loans

When you complete the FAFSA, the school will determine if you qualify for other types of financial aid, including Stafford Loans. If you still have unmet need, as determined by the school, your parent can apply for a Parent Loan, or as it is called, a PLUS Loan:

� Federally sponsored loan
� Available at participating 2 year, 4 year, graduate and professional schools
� School must certify eligibility
� Guarantor must guarantee the loan
� Loan proceeds are sent to the school
� Interest Rate on new loans disbursed after July 1, 2006 is a fixed 8.5%
� Loans must be repaid in 10 years
� Repayment begins on the date of the last disbursement of the loan
� You must pay a 1% Default Fee
� You must pay a 1.5% Origination Fee
� Fees are deducted from the loan proceeds sent to the school
Apply for by completing the Free Application for Federal Student Aid

Click here to access application