Back to top of page. This loan is often lower in cost because the federal government guarantees it. Loan approval is subject to credit criteria established by the U.S. Department of Education and your lender. A PLUS Loan must be repaid. It is the responsibility of parents to make payments.
Interest begins accruing from the date funds are made available by the lender.
Both fees are deducted from the proceeds prior to disbursement. Back to top of page. Federal Perkins Loan Federal Perkins loans are low interest loans made to qualifying full time students. New School University is the lender for a Perkins Loan. Students are automatically considered for the loan, and if selected will be notified when they receive their Financial Aid Award Letter.