Federal PLUS Loans
Federal Loan. All Federal student loans must be obtained through the Department of Education. Click on Learn How to Apply for step-by-step directions.
Parents of undergraduate dependent students are eligible to borrow under the Federal PLUS Loan Program. The limit is determined by the Cost of Attendance (COA) minus aid received. Graduate and Professional students may now borrow under the Federal GradPLUS loan program. Applicants for these loans are required to complete a pre-application and a Master Promissory Note with the Department of Education.
Federal Direct Lending Loan Center: 1-800-557-7394
| 2013-2014 Federal PLUS Loan |
| Interest Rate: 7.9% Fixed Federal Fee: 4.0%* |
*As of July 1, 2012 there will NO longer be an 1.5% upfront rebate
Eligibility Requirements:
- Parent of undergraduate student or graduate student attending an eligible institution at least halftime
- Satisfactory Credit check
- U.S. citizen or national, a U.S. permanent resident, or an eligible non–citizen
- FAFSA generally required by institution
- FAFSA is required for graduate students
- Graduate students must maximize their Stafford loan limit before applying for a PLUS loan (typically $20,500).
PLUS Loan Tip: If a Parent is denied for a PLUS loan, the student may be eligible for an additional $4,000-5,000 to be added to their Stafford loan. Typically a school will request a copy of the PLUS loan denial.
Repayment Options:
- Immediate
- Interest Only
- Deferred
Important: In order to postpone payments on a parent PLUS loan, you must apply for a PLUS loan deferment while the loan is in grace period and prior to the loan entering repayment.
PLUS Loan Deferment Form (Form must be completed and processed before the last disbursement on your loan)
Loans and the AAA Student Lending Program offered through AAA Southern New England Bank. Rates and terms are subject to change or termination without notice. Loans subject to satisfactory credit approval and Federal government eligibility requirements. Other loans and terms available.
You may qualify for Federal student loans. We encourage students to exhaust Federal student loan options before applying for a Private student loan, as Federal loans are often less expensive and offer the widest variety of repayment options.
