Interest Rates and Fees
The interest rate on Federal Stafford Loans is set by the federal government, and is dependent upon the type of loan and when it was (or will be) first disbursed for the loan period.
Most federal student loan have loan fees that are a percentage of the total loan amount. The loan fee is proportionately deducted from each loan disbursement you receive. The money you receive will be less than the amount you actually borrow.
Federal Direct PLUS for Parents
This loan enables parents to borrow for each of their dependent undergraduate students to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in The William D. Ford Federal Direct Loan Program. Parents have the option to defer payment until six months after the dependent student ceases to be enrolled at least on a half-time basis (6 credit hours).
The Application Process:
- Must complete the Free Application for Federal Student Aid (FAFSA)
- Submit the PLUS application for Parent Borrowers
- The borrower must be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time (6 credit hours)
- The borrower must not have an adverse credit history
- Parent and student must meet the general eligibility requirements
- The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received ( scholarships, grants, loans, work-study, waivers)
- If approved, parents must complete a Parent Authorization Statement to authorize disbursement to either parent or student. No Parent Loan funds can be credited to the student's account or disbursed until the Parent Authorization Statement is completed. (Complete the Parent Authorization Statement form here.
- If Parent Borrower is denied loan or has an endorser on the Parent Loan, please contact the Office of Financial Aid for additional assistance.