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Financial Aid Directory >> Loan Information
Federal Direct PLUS Loan
The Federal Direct PLUS Loan provides a borrowing option for parents of dependent undergraduate students. Based upon the borrower's creditworthiness, a parent may borrow from this federally guaranteed, non need-based loan program.
Before applying for a Federal Direct PLUS Loan, you may wish to review the additional Direct Unsubsidized Loan option.
Parents/students must complete the Free Application for Federal Student Aid (FAFSA) and receive a determination of Federal Direct Loan eligibility by the Office of Financial Aid.
Applications for 2012/2013 available after May 1
Direct PLUS Loan terms, which are subject to revision by federal regulation, include:
Interest Rate: |
7.9% (fixed) |
Origination Fees: |
4.0%* |
*The Federal Direct PLUS Loan has a 4% origination fee, which will be deducted from the gross amount of the loan borrowed.
- The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or may wait 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 University account.
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Additional information of the Federal Direct PLUS Loan is available from the Department of Education.
| Student Employment |
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| Phone: 574-631-6454 |
| Fax: 574-631-6899 |
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