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Federal Parent Loans for Undergraduate Students (PLUS) are similar to unsubsidized Stafford loans. PLUS loans are available to parents with good credit histories to borrow for each dependent child who is enrolled at least half-time. The interest rate is 6.64% through 6/30/94.

PLUS loans carry an "origination fee" of 3%, deducted proportionately from each loan disbursement made. In addition the lender may collect an insurance premium of up to 1% of the principal, deducted from disbursements in the same fashion.

To apply for a PLUS loan, see a lender or get an application from your school or state guaranty agency. State agencies are listed in Chinook's State Info page. You fill out your part of the application, then turn it in to your school for determination of need, certification of enrollment, etc. The school then submits it to your chosen lender, who gets the approval of the guaranty agency and forwards the loan amount to your school.

Repayment begins no more than sixty days after the final loan disbursement. You may be allowed up to 10 years to repay. If you skip a payment, if it's late, or if you make less than a full payment, you'll have to pay a late charge plus any collection costs.

You may apply for a deferment (postponement of payments of principal only) if you are in an approved graduate fellowship program or a rehabilitation training program for the disabled, unable to find full- time employment, or can show an economic hardship. If you allow the loan to go into default, you are no longer eligible to apply for deferment.

PLUS loans are eligible for cancellation only upon total and permanent disability or death of the borrower (or student for whom a parent borrowed).

Official Federal Student Aid Information Center

Call our toll free numbers:

Federal Student Aid Information Center (FSAIC)
1-800-4-FED-AID (1-800-433-3243)

TTY users (for the hearing-impaired) can call:

Callers in locations without access to 800 numbers may call
1-319-337-5665 (this is not a toll free number)


  FASTaiD 1998 CEE       All rights reserved. Do not copy or redistribute in any form.         Mail: Editor