Federal Parent Loan for Undergraduate Students (PLUS)
Before applying, make sure you know your Federal Student Aid PIN that you used to file your student's Free Application for Federal Student Aid (FAFSA). Just like on the FAFSA, the PIN serves as your electronic signature on your MPN. If you do not know your PIN or do not have a PIN, you can request one at www.pin.ed.gov.
Steps for Parent Borrowers to take for 2012-2013 Federal Direct PLUS Loans
- The parent borrowing the PLUS loan must complete the application at www.studentloans.gov. Click into REQUEST PLUS LOAN.
- If the parent has never borrowed a PLUS loan, they must complete a PLUS Master Promissory Note at www.studentloans.gov. Click into COMPLETE MPN.
Federal Direct PLUS Loan
Direct PLUS Loan terms, which are subject to revision by federal regulation, include:
- Interest Rates and Fees
- The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or may request an "in-school deferment." In-school deferment allows the borrower to wait to begin repayment until six months after the dependent student, on whose behalf the parent borrowed, ceases to be enrolled on at least a half-time basis. Generally, the Direct PLUS Loan has a 10-year repayment term.
- Parents may apply for up to the full cost of education for the school year minus all other student aid. Parents are encouraged to apply for the amount needed for a full academic year at the time of application, rather than by semester. The amount of the loan is disbursed equally between the semesters and applied directly to the student's tuition account.
|Interest Rate:||7.9% (fixed)|
Additional information of the Federal Direct PLUS Loan is available from the Department of Education.