Federal Direct PLUS Loans | Financial Aid
Federal Direct Parent PLUS Loan General Information
- Federal loan program for parents
- Loan is always in the parent's name
- Student must be enrolled at least half time
- Approval based upon credit check
- Interest starts accruing at the time of disbursement
- Repayment
- Begins 60 days after funds have been fully disbursed
- Can request that repayment be deferred while student is enrolled at least half time
- To defer payments, contact the Direct Loan Servicing Center at 1-800-699-2908
- Standard repayment is 10 years
Annual maximum - Up to student's cost of attendance minus other financial aid
Interest rate - Fixed rate of 8.94% for loans between July 1, 2025 and June 30, 2026. Fixed rate of 9.08% for loans between July 1, 2024 and June 30, 2025.
Fees:
- 4.228% is deducted from the loan proceeds for loans first disbursed after Oct. 1, 2020 and before Oct. 1, 2026. For example, on a $10,000 PLUS loan, $423 will be kept as a loan fee and therefore $9,577 will be credited to students account when it is disbursed to the school.
Applying for a Direct Federal Parent PLUS Loan
- Student must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov/fafsa
- Student must be meeting Satisfactory Academic Progress (SAP) Standards.
- Neither the student or the parent can be in default on a Federal Student Loan or owe an overpayment on a Federal Student loan or grant.
- If the parent isn't listed on the student's FAFSA, we may request a copy of the student's birth certificate
- Complete the Parent PLUS application process at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
- Complete the Parent PLUS MPN (Master Promissory Note) at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
- If you are approved, the funds will be disbursed directly to the school and credited to the student's business office account
- If the PLUS funds cause a credit to the student's account, you will be issued a refund check unless you have given Carroll permission to release the refund to the student
Denial of Direct Parent PLUS Loan
Student is eligible for additional Unsubsidized Direct Loan funding ($4,000 for Freshman and Sophomore; $5,000 for Junior and above)
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