Once the default status has been determined, students will not be eligible to receive any federal or state financial aid funds at any postsecondary institution until the student submits written documentation to justify that at least six consecutive monthly payments have been made. More information is available at the lending institution. All students must attend an entrance interview before receiving the loan funds and an exit interview before withdrawing, graduating or dropping below half-time status. Repayment of interest and principal starts 60 days after the loan is disbursed. This loan is based on a credit analysis of the parents, which is determined by the lending agency.
Interest rates vary depending on the federal interest rate.
The lending agency can provide more information on this loan. All students must first apply for a Federal Pell Grant and a Federal Stafford Loan before applying for a Federal PLUS Loan. Interest rates vary depending on the federal interest rate. This loan is based on a credit analysis of the student which, is determined by the lending agency. Repayment of interest and principal begins 60 days after the loan is disbursed.