|
|
Federal Direct Parent PLUS Loan OverviewFederal Direct PLUS Loan Overview - (Parent Loan Undergraduate Student) Loan approval requires a credit check. The PLUS Loan annual interest rates is fixed at 7.90%. 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 graduation. 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.
|