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Federal Parent Loan for Undergraduate Students (PLUS)
Amount Varies-Not to Exceed Cost of Attendance
This is a loan to the parent not the student. Additional Unsubsidized Stafford Loan funds are available to the student if the parent is denied the loan by the federal processor.
PLUS Loan Origination Fees
The net origination fee of 2.5% is deducted proportionately from each loan disbursement. By law, the total origination fee is 4.0%; however Direct Loans currently offers a 1.5% rebate on this origination fee. If you fail to make 12 on time monthly payments, a charge for the difference between the 2.5% origination fee and the 4.0% origination fee will be added to the outstanding balance of the loan.
Repayment
- Begins 60 days after loan is fully disbursed
- Interest begins at disbursement
- 7.9% fixed interest rate
- Monthly payment $12.08 per $1,000 borrowed, minimum payment $50
- Ten year repayment term
- .25% interest rate reduction for auto debit
- No penalties or extra fees for early repayment
- Loan Calculator
Application Process
- PLUS Loan Request - A loan application where the parent can indicate the amount he or she wishes to borrow. Completion of the PLUS Request does not obligate the parent to repay the loan. Once the PLUS Request has been submitted, a credit check will be conducted by the federal processor and the parent will be notifed of the results.
- Master Promissory Note - A multi-year note which covers all years of the students enrollment at Bryan College. The Master Promissory Note must be approved by the Direct Loan Servicer before funds may be disbursed.
