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Important Information About the Parent PLUS Loan Program

Fast facts

• MUST file a FAFSA (Free Application for Federal Student Aid)
• Only biological, step, or adopted parents can borrow
• Interest is fixed
• Rate is 7.9%
• 2.5% origination fee is subtracted from loan proceeds and retained by the US government
• Repayment can be postponed until student is out of school
• Requires simple credit check
• Parent borrower must not be “in default” of a federal educational loan
• US citizens and eligible non-citizens can borrow
• Loan proceeds are sent to Rowan on a “per semester basis”
• If a loan is for fall and spring semesters, the fall portion is sent to Rowan in the fall and the spring portion is not sent until after the spring semester has started.
• Interest accrues only on disbursed funds.

Rowan PLUS loan Application Process ==> Apply Now

• Complete the web-based application
• Print, sign and submit the printed application to the financial aid office
• Fax works best, our fax number is: 856-256-4413
• Rowan “certifies” student’s eligible status and submits the application to the federal government
• The government conducts a credit check and notifies Rowan and borrower
• Rowan extends credit to student based on students eligibility
• Parent borrower must sign a promissory note
• This is usually done on line at a government website
• Funds are sent to Rowan
• Excess funds are refunded to borrower