The Federal PLUS loan is not based on financial need. The parent must pass a credit check to be eligible. Parents may borrow up to the full cost of attendance minus all other aid the student is receiving. There is no cumulative borrowing limit. Parents must begin repaying the Federal PLUS loan within 60 days after the final loan disbursement.
Interest begins to accumulate at the time the first disbursement is made.
The maximum repayment term for the Federal PLUS Loan is 10 years. The loan period for a Perkins loan is one semester. The amount borrowed depends on the level of need, and the funding level of the school. Provisions for Perkins Loan discharge or cancellation may be available to a select group of borrows based on the job they obtain after college. Check the Student Guide or contact the Business Office for more information.