PLUS funds can be secured from banks and from savings and loan associations. Applications are available from participating lenders. The PLUS program is guaranteed by the federal government and is insured against the death of the borrower. Parents may borrow up to the cost of education minus financial aid received. The interest rate on PLUS is the lower of nine percent or refinanced variable interest rate of T-bill plus 3.1 percent.
PLUS loans are subject to a four percent origination fee and guarantee fee.
Repayment on PLUS loans begins 60 days after receipt of loan proceeds and can be extended over 10 years. Recognizing that many people value the chance to contribute to their education, beginning in 1995-96, the college is making student work opportunities available to every St. Olaf student who wishes to work. Priority will continue to be given, however, to those students who demonstrate financial need and receive student work as a component of their financial aid award. Rather, it is a maximum amount a student has the potential to earn. Student work on campus usually includes assignments in the cafeteria, the library, residence halls, and academic, athletic, or administrative departments.