All students must attend a pre-loan counseling session prior to submitting their application. Attendance is required yearly if application is renewed. Detailed information concerning interest rate, repayment, insurance, origination fee, and other information is included with the loan application. Federal PLUS Loans Federal PLUS Loans are given to parents who want to borrow money to help finance their child's education. These loans are certified by the school and are provided through a lender such as a bank or credit union.
PLUS loans have variable interest rates, which are adjusted each year.
Parents are subject to a credit check for approval. Federal PLUS borrowers generally must begin repaying both principal and interest within 60 days after the last loan disbursement. Unlike Stafford Loans, there are no grace periods for PLUS borrowers. Each year, a number of individuals, organizations and companies provide scholarships that are available to students attending the college. The amount and criteria for these awards will vary.