Financial Aid

Benefits and Features

• Fixed interest rate of 7.9%
• Direct PLUS Loans can be consolidated with other federal loans
• Borrowers have a single contact for everything from application to repayment
• Flexible repayment options
• There are no pre-payment penalties
• Effective July 1, 2013, a 4.204% origination fee will be deducted proportionately from each loan disbursement. The loan fee will be shown on disclosure statements that will be issued to you. (The origination fee until June 30, 2013 is 4%.)
• The maximum loan amount is the student’s cost of attendance or budget minus any other financial aid received.

Loan Requirements

Credit Check:

• Direct Loan Servicing will run a credit check and notify you of the results.
• If your application is not approved, you will be able to choose from one of the four options listed below. You may contact Direct Loan Applicant Services at 800-557-7394 for the credit check results and to discuss your options.
• Decline the Direct PLUS Loan - notify the Financial Aid Office
• Obtain an endorser
• Appeal the credit decision
• Undecided - contact the Financial Aid Office.

Loan Limit

There are no annual or aggregate borrowing limits for Direct PLUS Loans. You may borrow up to the cost of attendance minus any other financial aid you receive.

Loan Disbursement

PLUS Loan funds will first be applied to your University account to pay tuition, fees and other institutional charges. Any remaining funds will be refunded to you by the Bursar's Office.

Loan Repayment

• Payments are deferred while you’re in school. Interest will continue to accrue on the PLUS loan when you are granted a deferment/forbearance on the loan.
• You may prepay your loans in full at any time or pay more than the monthly repayment amount due without penalty.
• Your Direct PLUS Loan enters repayment once your loan is fully disbursed (paid out). However, if you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.
• Check your account online at your Federal Loan Servicers web site for detailed repayment information and deferment or forbearance, and consolidation options. Your Servicer's statement will have their contact information and web address or go to National Student Loan Data System (NSLDS) to find your Servicer's contact information.

Additional information is available on the U.S. Department of Education's Repaying Your Loans page.

View Loan Record

National Student Loan Data System (NSLDS):

Your loan information will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. You can access your loan record by clicking Financial Aid Review and following the instructions. You will need your social security number and FAFSA PIN to log in.