Parent PLUS Loan

Important Information

• PLUS Loans are not restricted according to financial need.
• A credit check is required before approving a PLUS Loan.
• Parents with dependent students are only eligible for a PLUS loan.
• The parent receiving the loan is responsible for all interest which begins accruing
  at the time the loan is given.
• The student must have completed a Student Aid Data Form. This form will
  provide the necessary information for cresting the student’s Cost-of–Attendance.
• The Financial Aid office will determine the amount the dependent student is
  eligible to receive based on the student’s Cost-Of-Attendance.
• All transcripts listed on the data form must be provided to ensure Satisfactory
  Academic Progress is maintained.

Eligibility Requirements

• The dependent student must be enrolled in al least (6) hours
• The student must be making Satisfactory Academic Progress (minimum 2.0 GPA and 75% completion ratio).

Interest Rate and Fees

• The interest rate is variable for a PLUS loan and is currently at 8.50%, but can not exceed 9.0%.
• A 3% origination fee is collected prior to the loan disbursement.

Appling for a Parent Plus Loan

• Submit a Student Aid Data Form to the Financial Aid Office so that grades can be checked. Click HERE to print a Student Aid Data Form
• Click on your lender choice below.
• Follow the directions provided by your lender.
• E-sign the Master Promissory Note once all information is entered.
• Upon completion an approval or denial message will be provided for you.
• All approvals will be sent to our guarantor agency for processing.
• If you are denied, print the denial message and forward to your Financial Aid Office. With the denial letter on file the dependent student can be eligible for an Additional Unsubsidized Loan (AUSB). Click HERE for an AUSB form.
• The Loan Advisor will then certify approved loans for eligible amount.
• Funds will be sent from your selected lender and applied to the student’s account.
• Those funds that are remaining on the student’s account will be refunded by the Business Office. (For direct deposit of refunds select the Direct Deposit Authorization Form located on the Forms tab)

Page Last Updated: April 15, 2008