Parent Loans

2013-2014 Academic Year

Application procedures for the Federal Direct Parent PLUS loan for academic year 2013-2014 will be posted on or about June 1, 2013.

2012-2013 Academic Year

To apply: click here to download and print the Parent PLUS Request Form (pdf). Follow the directions on the form.

Federal Direct PLUS Program

The Federal Direct Parent PLUS loan is a loan program for parents to help finance the cost of education. The loan is through the Department of Education and funded by the Department of the Treasury. The loan has a fixed rate of 7.90% with a 4% origination fee which is deducted from the total amount borrowed prior to disbursement. The maximum amount a parent can borrow is verified by the College. It is determined by the total cost of attendance minus any financial aid awarded. Please refer to your financial aid award letter for these amounts. Repayment of principal and interest begins after the second disbursement for a maximum term of 10 years. You may be eligible for payment deferment if you meet certain requirements determined by the Department of Education.  More information will be available at the titme you complete the on-line Department of Education application. Also, reference this web site:
http://studentaid.ed.gov/types/loans/plus

We will begin processing Federal Parent PLUS loans on or about July 15, 2012. The Department of Education requires that a credit check be performed. Once approved, the credit check is only good for 30 days. Because of this time schedule, you should not apply for the loan earlier than June 30, 2012. If a parent is denied a Federal Parent PLUS loan, the student may qualify for additional funds from the Federal Direct Unsubsidized Stafford loan program. The student will have to make the request for the additional funds in writing to the financial aid office. Additional information on the Federal Direct Unsubsidized Stafford loan can be found at: http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp.

Disbursement of Funds

Disbursement schedules are dictated by the Department of Education. The PLUS loan is payable in two disbursements, one-half of the total at the beginning of each semester, but not earlier than 10 days before the start of classes for each semester.

If you apply for a one semester only loan (i.e. fall only or spring only), one-half of the loan proceeds will be credited to your account at the beginning of the specified semester and one-half will be credited midway through that semester.

Here are two charts: 2012-2013 Cost of Education and Calculating the Bill. This information will help you determine what you owe the Accounting office and what you may be eligible for in a PLUS loan.