Who is eligible?
Natural or adoptive parents of dependent students who meet federal government eligibility requirements. A credit analysis will be required. Contact the Award Handbook for more information.
How do I apply?
Connect to the link below for the Direct Parent PLUS Loan Confirmation Form; Master Promissory Note (MPN) is filled out after completion of confirmation form.
Cost of attendance per child (minus other aid) is the only cap on PLUS limits.
Cost and fees
- up to 4.5% fee on each loan.
- Interest begins to accrue from the date the funds are disbursed.
- Interest rate accures on disbursed amounts; fixed interest rate for life of loan beginning July 1, 2014 was 7.21%; July 1st of each year a new interest rate is determined.
- Repayment begins 30-60 days after loan is fully disbursed. $50 minimum monthly payment; 10-year maximum repayment period. Repayment with Direct Loans, contact www.nslds.ed.gov for your servicer and your total federal loan borrowings .
Posted on: March 05, 2012 @ 11:44