Like the Pell Grants, they need not be repaid. Priority in awarding SEOG's is given to undergraduate students who qualify for the Pell Grant and have a low expected family contribution. Parents of dependent undergraduate students may apply to borrow money for their children's educational expenses. Federal PLUS Loans are obtained from private lending institutions and are certified by the university. The loans carry a variable interest rate capped at ten percent.
Interest begins to accrue immediately upon disbursement.
The amount of each loan may not exceed the student's cost of education, minus other aid received. Repayment begins 60 days after disbursement of the loan. Applications are available in the Financial Aid Office . Students may receive the unsubsidized loan regardless of family income. However, the borrower is responsible for interest that accrues while he or she is in school.