||Federal Parent PLUS Loans are available for parents of dependent students who are enrolled at least half-time.
Student Eligibility Requirements:
- Be dependent, as per FAFSA requirements.
- Be a degree-seeking undergraduate student at FHSU.
- Be enrolled at least half-time.
Who Can Apply?
- Biological or adoptive parent or, in the case of divorce, the step-parent whose information appears on the FAFSA. Only one parent need apply.
- Parent borrower must be a U.S. citizen.
- Parent borrower cannot have an adverse credit history.
How to Apply:
You should not apply for a PLUS loan more than 90 days prior to the beginning of the semester/term for which the loan funds are needed. For the 2014-15 academic year, this date is June 1, 2014.
- Request a Direct Plus Loan online. Select Parent PLUS Loan. This step must be completed each year you borrow a PLUS loan and will allow the Direct Lending program to perform a credit check.
- Complete and submit the online PLUS Loan Master Promissory Note (MPN) if you are a first-time parent borrower. If you have borrowed in the past for the same student, you do not need to complete another PLUS MPN.
Excess PLUS loan proceeds (after all university charges are deducted) are returned to the parent.
How Much Can They Borrow?
The annual Parent PLUS Loan limit is the student's cost of attendance minus all other aid. For example, if the student's cost of attendance is $10,000, and they are receiving $6,000 in other aid, the parent can borrow up to $4,000.
Fees and Interest Rates:
- An origination fee of up to 4% is deducted from each loan disbursement. Amounts listed on award letters do not have this fee deducted.
- PLUS loans disbursed after July 1, 2014 have a fixed interest rate of 7.21%.
- PLUS loans disbursed prior to July 1, 2006 have variable interest rates and are subject to change every July 1.
Repayment & Deferment:
Repayment on PLUS loans begins approximately 60 days after the second disbursement date. For more information about repayment, click here. For information about deferring your loan, please contact your loan servicer for options.
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