The Federal PLUS Loan is a non-need based student loan. It is designed to help with the financing of a student's education.
Eligibility:
PLUS loans are available to parents of undergraduate students attending at least 1/2 time and maintaining satisfactory academic progress. PLUS borrowers must be U.S. citizens or eligible non-residents. Eligibility is based on credit worthiness, regardless of income.
PLUS Master Promissory Note (MPN):
The new PLUS MPN allows eligible borrowers to apply for multiple loans, over multiple years, for a single dependent child.
Maximum Annual Loan Limit:
Cost of education less any other financial aid received.
Interest Rate:
Variable rate that adjusts annually (Currently, not to exceed 9%.)
Current rate: The interest rate for Federal PLUS loans from July 1, 2008 to June 30, 2009 is 8.5%
Fees:
There is an origination fee of 3%.
Repayment:
Repayment begins 30-60 days after the final disbursement of the loan.
Rights and Responsibilities:
Click here for the Borrowers Rights and Responsibilities Statement
For more details on the Federal PLUS Loan, please click on the following link:
Student Guide Information on PLUS Loans (provided by the U.S. Department of Education)
Sallie Mae Borrowers:
To apply for a PLUS Loan through Sallie Mae, please click on the following link:
Or...call Parent Answer at 1-800-891-1410
Great Lakes(GLHEC) Borrowers:
Previous Great Lakes (GLHEC) borrowers should click on the following link for pre-approval and an application for the PLUS loan:
Great Lakes FastPlus PreApproval and MPN/Application
NOTE: If you wish to electronically sign the Master Promissory Note (MPN), you will need to have your Federal PIN number on hand.
(It's the same PIN number that is used on the FAFSA.)
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