Federal Direct Parent PLUS Loan Overview
Federal Direct PLUS Loan Overview - (Parent Loan Undergraduate Student)
Loan approval requires a credit check which is valid for 90 days. Most parents will be approved provided they are not 90 days delinquent on any bills. The 2013-2014 PLUS Loan annual interest rate is fixed at 6.41%. When you sign up for automatic payments, the interest rate is reduced .25%.
Loan repayment begins 60 days after the loan has been fully disbursed. You will be notified by mail which servicer has been assigned by the government to service your loan. A deferment option is available to allow payments to begin after the student ceases to be enrolled at least half time (six or more credit hours per semester). If you are approved for a deferment, interest will accrue on your loan while your loan is in deferment. Contact the loan servicer for more information.
Parents are encouraged to apply for a full-year loan (fall and spring) to avoid multiple applications throughout the academic year. The loan will be disbursed to Siena in 2 equal installments, typically September and January.
For loans made during the 2013-2014 academic year, a 4.204% loan fee will be deducted from each loan disbursement.
Applying for a Federal Direct PLUS Loan
For step by step instructions on how to apply for a PLUS Loan, visit our Federal Direct PLUS Loan application page.