East quad on the Coe College campus

联邦 Direct Parent (PLUS) Loans

The 联邦 Direct Parent PLUS Loan is available to parents of dependent undergraduate students to assist in covering direct and indirect costs not covered by the financial aid offer.

资格

The student must meet federal and institutional eligibility requirements and file a Free Application for 联邦 Student Aid (FAFSA) in order for a parent to be eligible to borrow a PLUS loan.

父母必须:

  • be the biological/adoptive (custodial or non-custodial) parent or step-parent (step-parent must be listed on the FAFSA);
  • 你是一个.S. citizen or eligible non-citizen (permanent resident);
  • not be in default on repayment of federal aid;
  • must not have federal loans in an active discharge status, and consent to, and
  • 通过美国的信用检查.S. 教育部.

Your debt-to-income ratio and employment status are not taken into consideration; however, 不良信贷 typically results in a PLUS loan denial. Additional information about the credit approval process including what is 不良信贷, credit appeals and the use of an endorser is available online.

If a parent is denied a PLUS loan and opts not to secure an endorser or appeal the credit decision, the student becomes eligible for increased unsubsidized federal Direct loan limits (add $4,000 for Freshmen and Sophomores; add $5,三、四年级学生:000).  Only one parent needs to apply and be denied a PLUS loan.  然而, if one parent is denied and the other parent applies and is approved for the loan, the student is not eligible for increased Unsubsidized Direct loan limits.

贷款时间

Students are charged tuition, fees, room and meals by term (fall and spring). We strongly encourage you to request a fall/spring loan if your student plans to attend both terms. Funds for a spring term are not disbursed until the fees are due in early January so interest does not accrue on funds that have not been disbursed.

利率和贷款费用

The interest rate on loans disbursed between July 1, 2021 and June 30, 2022 is 3.73%. Remember that interest begins to accrue as soon as funds are disbursed. Please note that loans for the 2022-23 academic year cannot be disbursed earlier than 10 days prior to the beginning of the fall term which begins August 24, 2022.

PLUS loans carry a loan fee that is deducted from the gross loan proceeds. The loan fee for PLUS loans with the first disbursement after October 1, 2021 is 6.28%. For example, the net proceeds on a $10,000 loan would be $9,577. Due to federal sequestration the loan fee is expected to change after October 1, 2022.

如何应用

  • 2 -的第一步 The Parent borrower should complete the PLUS loan application at studentaid.政府. The parent borrower will need to log in with the FSA ID issued to the parent. If you do not have an FSA ID you can sign up at studentaid.政府.Once logged in '应用 for Aid' and '应用 for a Parent PLUS loan'. Follow the application instructions through to the end and submit. You will receive a decision within a few minutes.
  • 2 -的第二步 Complete PLUS Loan Master Promissory Note (MPN) immediately following loan approval.
  • Our office will receive electronic notification of your loan application and completion of the MPN.

我应该借多少钱?

You should borrow as little as possible! 然而, you may borrow up to the amount listed on your student’s aid offer. You may also request the maximum available loan during the application process.

Once all requirements are met our office will email you from o-financialaid@cheappoolpumpsreviews.com 与最终贷款金额.

Can I increase or decrease my loan?

是的, your loan can be increased by contacting our office, but note that we can only increase your loan within the limits of your eligibility.  Use the parent portal available on my.cheappoolpumpsreviews.com (if your student has granted you access) to review your student's account statement and determine if you need to adjust your loan amount.

贷款如何支付?

Loan proceeds are applied by the Coe College 财政援助办公室 directly to the student account, provided that all administrative requirements have been met. A loan for two terms will be divided in half. We will send an email to the address you provide on the Parent Loan application to let you know that the loan is approved and the final loan amount. Please review this email and contact our office with any questions.

Can I use Parent PLUS Loan funds for non-billed Coe charges such as books and travel expenses?

是的, you can use the Parent Loan to cover charges that are not billed by the college 然而, it is important to account for the timing of the loan disbursement, 任何外部奖学金, and unearned work study when you are calculating how much you must borrow in order to generate the refund you need.  The 财政援助办公室 is happy to help you weigh the amount you plan to borrow against your expected charges to make sure that you borrow enough.  Keep in mind the expenses that the refund will cover when you are applying for your loan because you will declare how your refund should be issued within the application.  We strongly suggest that you complete an 上述授权形式 so your refund can be issued by direct deposit.  This can be especially important if you are borrowing to cover book costs at the beginning of the semester.  The other choice is for the Coe Student Accounts Office to cut a paper check and mail it to the refund recipient. 

When do I begin repaying my PLUS Loan?

还款 of the Parent (PLUS) loan begins within 60 days of the full disbursement of the loan.  For a full year loan repayment will generally begin sometime in February. Information about repayment terms and timing will be provided to you by your federal loan servicer. 还款s are made directly to the loan servicer. Borrowers generally have from 10 to 25 years to repay the Parent PLUS Loan. To calculate estimated loan payments, use the Direct Loan 还款 Calculator. Additional information is also available on the 联邦 Student Aid website under 还款.

Can I Defer 还款 of my Parent PLUS Loan?

It is possible to delay (defer) loan repayment until after your student is no longer enrolled at least half-time (two course credits). Generally the request for deferment is made at time of application and confirmed with the loan servicer. The parent borrower also has the option to request an additional six month post-enrollment deferment after the student drops below half-time, 毕业生, 或撤回. 父母 must request separate deferments for each loan period through their federal loan servicer. You may make interest payments during deferment periods and there is no penalty for early repayment. 

Compare the PLUS loan and Alternative Educational Loan Programs

Many students and families need to borrow additional funds to meet the cost of education. The decision becomes whether to borrow through the Parent Loan or a 私人 student loan program.

Fast facts about Parent Loans vs. 私人学生贷款

  • Parent Loans have a fixed interest rate (6.28% for the 2021-22 academic year). Private student loans may have a fixed interest rate but most likely have a variable rate that is "capped" well beyond the parent loan rate.
  • Parent Loans cannot be transferred to the student's name, however a parent is equally liable for a co-signed 私人 student loan.
  • Parent and most 私人 student loans can both be deferred from payment (not from interest accrued) while the student is in school.
  • Parent loans require that you pass a credit check. Private alternative loans will require a more thorough credit screening.
  • Accrued interest on a Parent loan will capitalize at repayment. Private alternative loans may capitalize interest as often as quarterly.
  • Parent loans are federally insured against the death or disability of the parent or student. Private alternative loans may be insured but many are not.

Our office is not able to recommend a specific lender to you. 然而, for your convenience we are able to provide you information about 历史借款 1xbet体育的发展趋势.

Loans that require "certification" from the college are generally going to offer you better terms and disburse funds directly to the college. Our office is committed to working with whatever financing option best suits your needs.

Additional information about choosing a loan that is right for you is available from the Consumer Financial Protection Bureau.