Federal Parent Loan for Undergraduate Students (PLUS)
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The Federal Parent Loan for Undergraduate Students or PLUS is a federal loan program that allows parents of dependent undergraduate students to take out a loan to cover the difference between a student aid package and the actual costs of the university.
Facts about PLUS
- For loans first disbursed on or after 7/1/15 and before 7/1/16, the interest rate is 6.84%.
- Payments begin 60 days after the final disbursement of the loan in the year it was borrowed. Parents can request that payments be deferred while the student is still attending school. Loan has a standard 10-year repayment schedule but no penalty for early repayment.
- Origination fees—up front loan-processing fees—effective 10/1/15 – 10/1/16 the origination fee is 4.272%.
To apply for a PLUS Loan for the 2015-2016 academic year the parent taking the loan will need to visit studentloans.gov to submit:
- 2015-2016 Parent PLUS Loan Request Form
- Master Promissory Note for the PLUS Loan