Federal Direct PLUS Loan for Undergraduates
The Federal PLUS Loan program is offered through the William D. Ford Federal Direct Loan (FDL) program.
The Federal Direct PLUS Loan provides affordable funding to credit-worthy borrowers to help meet the cost of their son's/daughter's tuition, fees, and room and board at SCSU. The interest rate is fixed at 6.41%. As of July 1, 2013, the department of education will charge a 4.204% fee to process the loan. Effective December 1, 2013, the Direct PLUS loan fee will increase from 4.204% to 4.288%.
Parents may request up to the student's cost of attendance minus financial aid. Repayment of the Federal Direct PLUS Loan begins 60 days after the loan is fully disbursed to the university.
Parents who are interested in applying for the Federal Direct PLUS Loan for the 2013-2014 year should do the following:
- Complete the 2013-2014 FAFSA at www.fafsa.ed.gov
- Complete the Direct PLUS Loan credit check. Click Here for instructions.
By completing the credit check process online, you are giving the federal government permission to perform a credit check to determine whether you are eligible to receive the Federal Direct PLUS Loan. If approved, the parent will need to complete the Direct Loan Master Promissory Note (MPN) at www.studentloans.gov. If denied, the Office of Financial Aid & Scholarships (OFAS) will offer the student a Federal Direct Unsubsidized Stafford Loan up to $5,000 based on student grade level.
3. Complete the Direct PLUS loan Information form