The lender will perform a credit check before approving the loan. Your dependent may apply for an additional unsubsidized loan if you do not qualify for a PLUS Loan. The PLUS program is non need based. If your child has applied for student financial aid, his or her Financial Aid Notification shows the maximum amount of PLUS you can borrow. If your child has not applied for federal and university aid, calculate your eligibility using the formula shown above.
Interest begins to accumulate on the date of the first loan disbursement.
Disbursement Disbursements consist of two payments to the student's account for payment of tuition and other university charges. The Bursar pays remaining funds to the student, or at the parent's request, directly to the parent. Repayment The repayment period for principal and interest begins the day after final disbursement of the loan, with the first payment due within 60 days after the final disbursement. You will have of three repayment options. This plan usually results in the lowest total interest paid because the repayment period is shorter than under the other plans.