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Federal Direct Parent Loan for Undergraduate Students (PLUS)
Direct PLUS Loans are part of the Federal Direct Loan Program and as such are financed by the federal government. They are loans borrowed by the parents of dependent. PLUS loans help parents pay for educational expenses up to the cost of attendance, minus all other financial assistance. Unless the borrower specifies deferred payments in the loan request, repayment begins after the full loan has been disbursed. The interest rate is fixed at 6.84% for the 2015-16 academic year. Interest is charged during all loan periods, starting on the date of the loan’s first disbursement. An origination fee of 4.272%, will be deducted from the borrowed principal and the resulting net loan will be applied to the student account.
The borrower must be a U.S. citizen or an eligible non-citizen who is the student’s current biological, adoptive or step-parent. The dependent student must be enrolled at least half time at UNK. The application for the PLUS Loan includes a credit check; borrowers must either have a good credit history or an endorser who has good credit. Borrowers must not be in default on any federal education loans or owe an overpayment on a federal education grant. If denied, parents may appeal, or they may have an endorser co-sign the loan. Additional Federal Direct Loan may be available for students whose parents have completed the loan request and are not eligible for the Direct PLUS Loan.
For more information about Direct PLUS Loans, please select one of the following: