Administered by the Financial Aid Office, eligibility is based on financial need as determined by the Federal Need Analysis Methodology. How to Apply Complete the Free Application for Federal Student Aid and Alfred University Financial Aid Application. Value Parents may borrow up to the cost of attendance minus other aid for each financially dependent undergraduate student. Borrower must demonstrate a satisfactory credit rating to participate. Repayment of principal and interest generally begins 60 days after disbursement.
PLUS loans have variable interest rates.
The rate is set each July 1 by the federal government for loans made that year. The maximum interest rate is capped at 9 percent. For the 2000-01 year, the interest rate was 8.99 percent. The repayment period may extend up to 10 years, depending on the amount borrowed. The loan may not exceed the difference between the student's cost of attendance and total financial assistance, including Stafford Student Loans.