Loans - PLUS
[Parent Loan for Undergraduate Students]
Due to the signing of the Health Care and Education Reconciliation Act of 2010, Stafford and PLUS Loans will be through the William D. Ford Direct Lending (DL) Program. Under the Direct Loan Program, Stafford and PLUS Loan funds come directly from the U.S. Department of Education.
Parents can borrow a PLUS Loan to help pay their child’s education expenses if they are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. Parents must have an acceptable credit history. The first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while the student is in school. Through this program, parents may borrow each year up to the full cost of attendance less any financial aid. PLUS loans have an 7.9% fixed rate. Loan origination fees up to of 4% may will be deducted with an up-front interest rebate (repayment incentive) of 1.5%.
Download the Federal PLUS Loan Request Form below. This form needs to be submitted to the WSC Financial Aid Office for processing. This form allows you to indicate to us how much you want to borrow and lets us credit the student account with the loan funds.
Follow the instructions on the Request Form to complete the PLUS promissory note online at www.studentloans.gov.