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Federal PLUS Loan Features
- This loan requires a credit check for the parent borrowing the loan. (Apply early to allow time for this process. View How to Apply)
- This loan is not subsidized so interest does begin accumulating immediately.
- There is a loan origination fee of 4.204%.
- Repayment begins 60 days after the loan is fully disbursed. Parents can contact the Direct Loan Servicer after the loan has disbursed to request a deferment for up to 6 months after your student leaves school or drops below half-time. Interest will be capitalized at the end of the deferment period.
- Parents may borrow up to the full cost of attendance, less other financial aid received.
- If the parent applicant is not approved for the loan, he or she will have the ability to obtain an endorser or the student can be offered additional Federal Direct Unsubsidized Loan.
- It is possible for a parent to qualify for a PLUS loan with a bad credit score, so long as they don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).
Fixed Interest Rates
|Date of First Disbursement||Interest Rate|
|Before July 1, 2013||7.9%|
|7/1/13 - 6/30/14||6.41%|
Additional information about Parent PLUS Loans can be found at http://www.ed.gov/offices/OSFAP/DirectLoan/parent.html.