PLUS Parent Loans

Program Description
PLUS Loans come from one of two sources:

Whether you receive a Direct or FFEL PLUS Loan depends on the program in which your school participates. In either case the terms of the loan (loan amounts, interest rate, and other benefits) are generally the same.

The school applies PLUS loan funds toward your child’s educational costs such as tuition, fees, and room and board. If any loan funds remain after school charges are paid, you will receive the remaining amount from the school, unless you authorized the school to release the funds to your child. Any funds you or your child receives must be used to pay the child’s educational expenses.

General Program Requirements
To qualify for this program, you must:

A) Be a parent of a dependent postsecondary student who is working toward a postsecondary degree or certificate; and

B) Not have an adverse credit history.

There are other requirements. For more information, read The Student Guide online at: http://studentaid.ed.gov/students/publications/student_guide/index.html

Loan Terms

Maximum Loan Amount: Your child's cost of attendance minus other financial aid. For example, if your child's cost of attendance is $6,000, and he or she receives $4,000 in other financial aid, you can borrow up to $2,000 in PLUS Loans.

Interest Rate: The interest rate is variable (adjusted annually on July 1), but it does not exceed 9 percent. You'll be notified any time the variable rate changes. For the current PLUS Loan interest rate, go to http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp?tab=funding.

Maximum Loan Length: up to 30 years, depending on the amount borrowed and the repayment plan chosen. There are a number of repayment plans offered through the Direct and FFEL programs. Read the Repaying Your Student Loan online at http://www.studentaid.ed.gov/students/publications/repaying_loans/index.html for more information about repayment.

Frequency of Payments: monthly or quarterly. Generally, the first payment is due within 60 days after the loan is fully disbursed. You must begin repaying both principal and interest while the student is in school.

Prepayment Penalties: none

Fees: You will pay a fee of up to 4 percent of the loan, deducted proportionately each time a loan disbursement is made. Because of this deduction, you'll receive slightly less than the amount you're borrowing.

Application Process
For more information, see the Program Contact Information below.

Contact Information (Register above for free access!)

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In addition to loans, the U.S. Department of Education provides Pell grants to students with financial need. Pell Grants do not have to be repaid.

http://studentaid.ed.gov/PORTALSWebApp/students/english/grants.jsp?tab=fund...

Additional information about PLUS Parent Loans can be obtained at:

http://studentaid.ed.gov/students/publications/student_guide/2005-2006/engl...

The U.S. Department of Education's Student Aid on the Web-the gateway to Federal student aid, offers a single source of free information not only for applying for Federal aid, but also on choosing a career, selecting a school, and identifying non-Federal resources to pay for higher education.

http://studentaid.ed.gov

For general information about the Federal student aid programs, assistance in completing the FAFSA, and information about FAFSA on the Web, call the Federal Student Aid Information Center (FSAIC) at the following toll-free number:
800-433-3243

To determine whether you are eligible to receive assistance through this program, you must first complete a Free Application for Federal Student Aid (FAFSA). Schools use this information from the FAFSA to determine your actual financial aid package.

People who are hearing impaired may call this toll-free number:
800-325-0778

TTY users for the hearing impaired can call:
800-730-8913

You may complete the FAFSA online, through this website:

http://www.fafsa.ed.gov/

Additional useful information may be obtained from the U.S. Department of Education at:

http://www.ed.gov/finaid/landing.jhtml

For information about Education Consolidation loans, visit The Student Guide online at:

http://studentaid.ed.gov/students/publications/student_guide/index.html

Or click on the "Repaying" tab and then scroll down to the topic "Loan Consolidation" (you can double click on the title "Loan Consolidation" for additional screens of information at):

http://www.studentaid.ed.gov

The U.S. Department of Education's Federal Direct Loan Consolidation Website is at:

http://www.loanconsolidation.ed.gov

The National Student Loan Data System (NSLDS) is a centralized database that stores information on all student loans as well as school enrollment information.

http://www.nslds.ed.gov/

To report fraud, waste, and abuse involving Federal student aid funds, call:
800-647-8733

Callers in locations without access to 800 numbers may call this non toll-free number:
319-337-5665

Managing Agency
U.S. Department of Education
http://www.ed.gov

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