| Parents of eligible dependent undergraduate students enrolled at least
half-time at an eligible institution and making satisfactory progress toward a degree or
certificate may borrow. Annual loan limit is the cost of attendance (education) minus
all other financial aid - No dollar amount limit
Interest rate is variable and calculated according to 52-week Treasury Bill, auctioned
prior to June 1, plus 3.1% - Cap on PLUS interest rate is 9%. Changes July 1 every year.
PLUS loans are multiply disbursed.
Parents with an adverse credit history may receive a loan by securing an endorser who
does not have an adverse credit history
Parent pays 3% origination fee and 1% insurance fee. The 1% insurance fee will be
eliminated for new loans disbursed on or after July 1, 1999.
Repayment begins 60 days from disbursement
Deferments may be available
Maximum repayment period, 10 years. |
