FEDERAL PARENT PLUS LOAN
A Federal Plus Loan allows a parent to borrow the total cost of undergraduate education for their student minus any other financial aid their student may be receiving. The interest rate on this program is fixed at 8.5% for the federal family educational loan program, and is 7.9% for the William D. Ford Direct Loan Program. Parents go into repayment after the loan is fully disbursed, although parents may choose to postpone repayment until after their student graduates. To qualify for this loan, a parent must not have adverse credit. Adverse credit is defined as having no more than two delinquencies on any debt longer than 90 days. It is highly recommended that the student borrow the Federal Stafford Loan first, before the parent borrows the Parent Plus Loan.
To apply for a Parent Plus loan for Fall:
1. Have your parent complete a Parent PLUS Direct Loan Application. Your parent will need their Department of Education PIN (the same PIN they used for the FAFSA). They will also need their and your social security number, date of birth, driver's license number, and two personal references (full name, address, and phone numbers).
2. You and your parent will also need to complete and submit a Parent Plus Loan Authorization Form so that we can credit the Parent Plus Loan proceeds to your account and refund the credit balance (if applicable) to you.
If your parent's loan is denied, the financial aid office will automatically grant you an unsubsidized Stafford loan for the amount for which you are eligible.
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