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Federal PLUS Loans

The Parent's Loan

With PLUS loans, parents and stepparents — and, as of July 1, 2006, graduates and professional students — with good credit histories can borrow up to the total cost of their own or their dependent's education, minus any other aid for which the student is eligible. Parents must repay the loan even if their dependent's education isn't completed.

Repayment starts within 60 days of the last loan disbursement, but in-school deferments are available.

Currently, the interest rate on PLUS loans is variable, with a cap of 9 percent. As of July 1, 2006 this rate will be fixed at 8.5 percent.

Origination fees of up to 3 percent and a federal default fee of up to 1 percent may be charged. Also, as of July 1, 2006 all guarantors must collect the federal default fee. However, EDFUND is committed to waive the fee through September 30, 2006. 

PLUS loan checks are released as co-payable to the borrower and school and sent directly to the school. Loans are usually disbursed in one or more payments. Interest begins to accrue immediately, and repayment starts within 60 days of the loan's last disbursement for the school year.

To qualify for a PLUS loan, students must meet the requirements for federal financial aid. For PLUS Loans for parents, the parents also must meet some general requirements. The PLUS loan has its own separate application and Master Promissory Note. Please click on the following link: http://www.edfund.org/students/studentsmenu.html. Under Financial Aid Planning click loan portal. Once you have reviewed the helpful information click on the loan portal link at the bottom of the page. When you get to the next site click on parent of student and select a state and college attending then click continue. If the college you have selected is correct click on view lender options. Once you’re at this stage please read the following information and select a borrower. If you don’t see your lender information please contact the financial aid office at 760-384-6221 or cc_finaid@listserv.cerrocoso.edu. 

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2007-2008 Financial Aid Student Handbook

Cerro Coso School Code:
010111

 
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Last updated November 14, 2007