Current Students

PLUS Loans

The federal PLUS loan is a loan that a parent or graduate student may obtain to cover any remaining amount up to the student's financial aid budget. Graduate students and parents will go through Direct Loans to apply for their PLUS Loan.


In addition to the requirements in the Federal Financial Aid section, you must:

  •   *Be enrolled at least half-time (6 hours per semester) during the entire period of your loan. These hours cannot include audit hours or noncredit courses.
  •   *Check with the Business Office to determine amount needed for the PLUS loan for the academic year.
  •   *Complete a Direct PLUS application to be approved. 
  •   *Determine your loan eligibility and be awarded before your last day of eligible enrollment.
  •   *Borrower must complete a PLUS Master Promissory Note.


Interest Rates

  •   *Interest rates on the PLUS loan is fixed at 7.9% for any loans disbursed after July 1, 2006. For all PLUS loans before July 1, 2006 the federal government sets the interest rate every July 1.


Payments and Limits

  •   *Payments by the borrower begin 60 days after the final disbursement of the loan but may be delayed up to 6 months after the student ceases to be half-time.
  •   *Your parent or a graduate student may obtain a PLUS in addition to other student loans you may receive.
  •   *Total financial aid cannot exceed the cost of your education.
  •   *The funds are sent to the college through EFT (Electronic Funds Transfer) where it is put on the student’s account.
  •   *Parents may decide whether to have any excess funds sent to the parent or the student.
  •   *There is a 4% origination fee on the Federal PLUS Loan while Direct Loans offers a 1.5% upfront rebate on the origination fee.


To Apply

See the Application Checklist.