FAFSA School Code: 001146

Federal Direct PLUS Loans

Parent Loans for Undergraduate Students (PLUS)

Direct PLUS loans are available to your parents if you are a dependent undergraduate student enrolled at least half-time (six units or more). Your parent may borrow an amount up to the cost of attendance minus any other aid you are receiving.

To qualify for the Direct PLUS loan, borrowers will need to pass a modest credit check. They also must meet some of the general eligibility requirements for federal student aid. Borrowers must be citizens or eligible non-citizens and cannot be in default or owe a refund to any federal student aid program. Although the requested amount of a PLUS loan may be included as part of your financial aid package, the loan is not approved until your parent receives notification from the lender that credit has been approved. If the PLUS loan is denied, dependent students may be eligible for additional unsubsidized loan, and can contact us for more information.

Repayment begins on the day of the final disbursement of the loan. However, unless you notify the Department of Education, repayment of principal is deferred while the student is enrolled at least half-time. Interest will accrue and may be paid monthly. Unpaid interest will be added to the principal (capitalized) at the end of the deferment period. Also see Loan Term and Financial Management Information for explanation of loan terms.

2014-2015 interest rates for Direct PLUS loan: Fixed 7.21%*

*Rate received is fixed for the life of the loan.  Interest rates may change each year beginning July 1. Origination fees of 4.288% are deducted from loan proceeds by the federal processor before each disbursement.

Print and complete a Parent PLUS Loan application
PLUS Loans can take up to eight weeks to process.

Required step for parents when first taking a PLUS Loan:

The parent named as borrower is required to complete one master promissory note unless the PLUS Loan is approved with an endorser. A new promissory note is required for each loan approved with an endorser. A separate master promissory note is required for each child regardless of approval status.

Direct Master Promissory Note (MPN)

To Receive Funds by Electronic Fund Transfer (EFT)

  1. Have a checking account in your name at almost any bank, savings and loan institution, or credit union.
  2. Submit a completed EFT authorization to Student Financial Services.  STUDENTS, go to the Student Center on your Portal Account and click the "enroll in direct deposit" link and follow the steps to sign up.  PARENTS receiving a PLUS Loan must complete a parent PLUS loan electronic fund transfer form with their account information and attach a preprinted, voided check.
  3. Complete all aid eligibility requirements as specified by Student Financial Services and Financial Aid and Scholarship Office, including loan entrance counseling, and loan promissory notes.
  4. Confirm electronic deposit (with your bank) before spending funds.

Graduate PLUS Loans

Direct PLUS loans are available to graduate students (master’s level), enrolled at least half-time (four or more units), who have reached their annual limit in subsidized and unsubsidized Direct Stafford Loans, and still have unmet Cost of Attendance. According to federal regulations, the total amount of financial aid received in any award year cannot exceed the Cost of Attendance.

To qualify for the Graduate PLUS loan, borrowers will need to pass a modest credit check. Repayment begins within 60 days after the loan is fully disbursed. This is an unsubsidized loan. Students may request a deferment if enrolled at least half-time.

If you are a graduate student and need additional funds, please contact us for more information. Additional information is also available from the Federal Direct Loan Web site.

2014-2015 interest rates for Direct Graduate PLUS loan: Fixed 7.21%*

*Rate received is fixed for the life of the loan.  Interest rates may change each year beginning July 1. Origination fees of 4.288% are deducted from loan proceeds by the federal processor before each disbursement.

To apply, complete a Federal Direct Loan application and be sure to check box #5: "If the amount I request exceeds my eligibility for subsidized and unsubsidized Federal Direct Stafford Loan, I want to borrow a Direct Graduate PLUS."

Required steps for student borrowers when first taking out a Graduate PLUS Loan:

The student borrower is required to complete one master promissory note unless the Graduate PLUS Loan is approved with an endorser. A new promissory note is required for each loan approved with an endorser.

Direct Loans Master Promissory Note (MPN)

The student borrower is also required to complete Loan Entrance Counseling for the Graduate PLUS Loan prior to the disbursement of their first Graduate PLUS Loan.

Loan Entrance Counseling

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