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Important Information About the Parent PLUS Loan Program
• Parent loan borrower applies at www.studentloans.gov.
• Must file a FAFSA (Free Application for Federal Student Aid) at www.fafsa.gov
• Only a biological, step, or adopted parents may borrow.
• Interest is fixed at 7.21%
• 4.292% Origination Fee is subtracted from loan proceeds and retained by the U.S. Government.
• The parent borrower of a dependent undergraduate student is responsible for repayment.
• Repayment period for a Direct PLUS loan begins 60 days after the last installment of the loan is paid for the current school year.
• Repayment plans available: Standard Repayment Plan, Graduated Repayment Plan, and Extended Repayment Plan. Additional details: http://studentaid.ed.gov/types/loans/plus and www.direct.ed.gov.
• Repayment may be postponed (deferred) until the student is out of school.
• The Direct Loans information regarding PLUS loan deferment may be found at http://www.direct.ed.gov/parent.html. The parent borrower may contact Direct Loans Servicing Center at 800-848-0979 to request a deferment based on the dependent student’s minimum half-time enrollment status.
• A credit check is performed during the application process. The parent loan borrower will know immediately upon completing the loan application if their credit is not approved.
• Parent borrower must not be in default of a federal educational loan.
• U.S. Citizens and eligible non-citizens may borrow.
• Loan proceeds are sent to Rowan on a per term basis.
If a loan is for fall and spring terms, the fall portion is sent to Rowan in the fall and spring portion is not sent until after the spring term has started. Interest accrues only on disbursed funds.
• Student must be matriculated and enrolled at least half-time (6 credits or more per term) and currently demonstrating satisfactory academic progress.
• Parent loan borrower must sign a master promissory note at www.studentloans.gov. Detailed instructions may be found at http://www.rowan.edu/financialaid/documents/MPNInformation2015.pdf.