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Loan Programs
Federal Direct PLUS Loan Fact Sheet
Eligibility
- Creditworthy parents of dependent students.
- Custodial and non-custodial parents can both borrower under the PLUS loan program.
- Borrower must be a U.S. citizen, U.S. national, or permanent resident of the United States.
- Borrower cannot be in default on a federal education loan or owe a repayment of Federal Title IV aid.
- Financial need is not a requirement to obtain a PLUS Loan.
Award Amounts
Plus Loan limits are determined by the estimated cost of attendance less any other aid. The amount of eligibility is listed on your Award Notification Letter.
Federal Direct Rates and Fees
For PLUS Loans disbursed between July 1, 2009 and June 30, 2011, the interest rate is fixed at 7.9%. A fee of 2.5% will be deducted from the disbursement.
Repayment Information
Loan Repayment of Parent PLUS Loans begins within 60 days of the last disbursement of that academic year. Typically, a loan will begin repayment at the end of the spring term.
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Sample Estimated Monthly Repayment Chart: Assumes interest rate fixed 7.9% and all payments made as scheduled on 10-year repayment term.
Borrowers can estimate monthly payments at
www.finaid.org/calculators/loanpayments.phtml
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Amount Borrowed |
Mo. Payment |
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$5,000 |
$60 |
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$10,000 |
$121 |
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$20,000 |
$242 |
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$30,000 |
$362 |
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