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Office of Financial Aid

Understanding Your Award Letter

Federal Direct Plus Loan

Parents of dependent students can take out loans to supplement the student’s financial aid package. Direct PLUS loans have a fixed interest rate of 7.9% and the option to defer payments until 6 months after the student graduates or drops to less than half-time enrollment. During deferment, all interest is accrued and then capitalized upon repayment. The loan has a 4% fee deducted from each disbursement. Once repayment begins, there is a 10 year repayment term.

Eligibility for the Direct PLUS loan depends on a modest credit check that determines whether the parent has an adverse credit history. An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off.


Parent Plus Loan Application: Please complete the PLUS application and forward it to the Financial Aid office as soon as possible.