Federal Direct PLUS Loans | Financial Aid

Federal Direct Parent PLUS Loan General Information

Annual maximum - Up to student's cost of attendance minus other financial aid

Interest rate - Fixed rate of 7.08% for loans between July 1, 2019 and June 30, 2020. Fixed rate of 7.6% for loans between July 1, 2018 and June 30, 2019.

Fees:

Applying for a Direct Federal Parent PLUS Loan

  1. Student must complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov
  2. If the parent isn't listed on the student's FAFSA, we may request a copy of the student's birth certificate
  3. Complete the Parent PLUS application process at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button. Once logged in, click the blue "Start" button to apply for a PLUS Loan.
  4. 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. Once logged in, click the blue "Start" button to complete the Parent PLUS Master Promissory Note.
  5. If you are approved, the funds will be disbursed directly to the school and credited to the student's business office account
  6. 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 Stafford Loan funding ($4,000 for Freshman and Sophomore; $5,000 for Junior and above)

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