Federal Direct PLUS Loans
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The Evergreen State College is now a participant in the Federal Direct Loan program and has ceased enrollment in the Federal Family Educational Loan Program (FFELP).
The Parent Loan for Undergraduate Students (PLUS)
The Parent Loan for Undergraduate Students (PLUS) is a Federal Educational Loan. The parent is the borrower of this loan. It is part of the student's financial aid package and students are required to meet Satisfactory Academic Progress requirements. The amount that can be borrowed is based on the cost of attendance less any other financial aid awarded. Loan details are available at: http://www2.ed.gov/offices/OSFAP/DirectLoan/parent.html
How to apply for a Direct PLUS Loan
- Please fill out and return the 2011-2012 Direct PLUS Loan Request Form and return it to our office.
- Then visit www.studentloans.gov to sign your MPN (Master Promissory Note). Do not apply for the loan.
- Wait for us to send you an email once your loan has been processed.
2011-2012 Direct PLUS Loan Request Form (for Parents) PDF
Eligibility
PLUS borrowers must be either: the biological parent, adoptive parent, or stepparent of the student. Stepparent eligibility is limited to those whose income and assets are taken into account when calculating the student's Expected Family Contribution (EFC). Non-custodial parents may also borrow PLUS loan (a different PLUS-only application is required). Borrowers must sign a master promissory note (MPN). This can be done online at: http://www.studentloans.gov.
Information from the Direct Loan Basics for Parents brochure found at The Office of Federal Student Aid: http://www2.ed.gov/offices/OSFAP/DirectLoan/pubs/studentpubs.html
Eligibility Requirements
To be eligible for a Federal Direct PLUS Loan at Evergreen,
- you must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing, and
- your child must be a dependent student who is enrolled at least half-time at The Evergreen State College, and
- you cannot have an adverse credit history, and
- both you and you and the student must be U.S. citizens or eligible noncitizens, and
- both you and you and the student must not be in default on any federal education loans, and
- both you and you and the student must not owe an overpayment on a federal education grant, and
- both you and you and the student must meet other general eligibility requirements for the Federal Student Aid programs.PLUS Loan Limits
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. Evergreen will determine the actual amount you may borrow. This amount will be indicated on your student's Financial Aid Information on my.evergreen.
Interest rate
The interest rate for Direct PLUS Loans is a fixed rate of 7.9%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. To find out more information or interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center..
Loan Charges
In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The fee is deducted before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
Repayment
Repayment of a Direct PLUS Loan begins 60 days after the full amount you've borrowed for a school year has been disbursed. This means that you generally must begin repayment while your child is still in school. For Direct PLUS Loans with a first disbursement date that is on or after July 1, 2008, you may request that repayment be delayed while your child is enrolled at least half-time and during the 6-month period after your child graduates or is no longer enrolled at least half-time. If you would like to postpone repayment of your PLUS Loan based on your child's enrollment status, you must contact the Direct Loan Servicing Center.
Direct PLUS Loans for Graduate and Professional Degree Students
Graduate and professional degree students can borrow a Direct PLUS Loan to help cover education expenses. The terms and conditions applicable to PLUS Loans for parents also apply to PLUS Loans for graduate and professional students. These terms and conditions include:
- a determination that you (the applicant) do not have an adverse credit history; and
a fixed interest rate of 7.9% for Direct PLUS Loans.
Unlike parent PLUS applicants, you (the student applicant) are required to complete the Free Application for Federal Student Aid (FAFSASM). In addition, before you can receive a PLUS Loan, your school must have determined your maximum eligibility for Direct Subsidized and Unsubsidized Loans.
