This loan program also offers additional loan assistance for independent undergraduates who need funding above the subsidized Federal Stafford loan limits. The terms and conditions of the unsubsidized loan, such as interest rates and deferments, with few exceptions, are the same as for the Subsidized Federal Stafford loan. But you will pay interest during in-school and deferment periods. Credit approval may be required. Funds from this program must be repaid.
PLUS loans are for parent borrowers and provide additional funds for educational expenses.
A PLUS loan enables parents to borrow the cost of education minus other aid. Interest rates for these loans are set each July, and begins accruing upon a first disbursement. PLUS loans are limited to parents with a favorable credit history. All Federal Family Education loans have a maximum repayment period of ten years and must be repaid. Western Technical Institute is a proud participant in Year Two of the William D. Ford Federal Direct Loan Program.