PLUS Loans

All Applications must be printed,
filled out by hand and then sent back to the Financial Aid Office: 

• Plus Loan Application    

Click above to help you with a requested amount!

Eligibility

Available to parents (including adoptive parents or stepparents) of dependent undergraduate students, if they are credit-worthy applicants. To be eligible to apply, the parent must be a U.S. citizen or permanent resident and the student must have filed a current FAFSA.

Loan Limits

May borrow up to the cost of attendance minus any financial aid the student is receiving.

Interest Rates

PLUS  Loans have a fixed interest rate for the life of the loan: 

• On or after 07/01/20 and before 07/01/2021:             5.30%
• On or after 07/01/19 and before 07/01/2020:             7.08%

Loan Fees 

There is an origination fee that is taken out of the loan disbursement(s) prior to the funds being sent to the college: 

• On or after 10/01/21 and before 10/1/22:         TBD
• On or after 10/01/20 and before 10/1/21:        4.228%

Repayment

Repayment begins 60 days after the full disbursement of the loan. The parent is solely responsible for repaying the loan. This loan can never be transferred into the student’s name. Parents may request a deferment of payment until six months after the student leaves school. Request the deferment through the assigned loan servicer. After the first loan disbursement, go to www.nslds.ed.gov to find your assigned loan servicer. 

When to Apply

Parent borrowers must reapply each year and for adjustments after credit expires. Credit decisions are valid for 180 days.

Parent PLUS Loans for Spring Term
Spring Term PLUS loans require a separate loan to be originated. Applications for Spring Term loans should be submitted no later than February 1^st to avoid delays. 

Spring Term Costs (2019 Academic Year)
Course Fee: Dependent Upon Course Chosen
Tuition: $1,713
Board: $600

Learn more about Spring Term here! 

The Parent PLUS loan has a fee that is a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.Need help calculating the PLUS Loan Fee?  Use the calculator below! 

It is the sole responsibility of the parent borrower to ensure they are borrowing the amount needed. Review the student’s billing statement each semester to ensure you have borrowed the amount you need. Contact our office if you would like to change your loan amount.

Please Note: Loan amount(s) may be reduced depending on eligibility.
If additional financial assistance or other educational resources are received by the student after the Direct PLUS loan is certified, one or both of the loan disbursements may be reduced or cancelled to prevent over-awards. An example of other resources might be a student who received a $500 scholarship from the Red Cross.

Disbursement

• Federal Direct Parent PLUS Loans WILL NOT disburse unless you have:
  • completed the application,
  • completed the Master Promissory Note (MPN) 
  • the loan is APPROVED by the US Department of Education.
• Funds will be applied toward the student account once all requirements are met and the student is enrolled in sufficient credit hours.
• Loans will disburse no earlier than the first week of classes.
• Lender - once your funds are disbursed, you will be assigned a lender who will be in contact. If you don’t know your lender visit studentloans.gov or nslds.ed.gov/nslds/nslds_SA/
  • Repayment begins 60 days after the full disbursement of the loan. The parent is solely responsible for repaying the loan. This loan can never be transferred into the student’s name. Parents may request a deferment of payment until six months after the student leaves school. Request the deferment through the assigned loan servicer. After the first loan disbursement, go to www.nslds.ed.gov to find your assigned loan servicer.
• The loan will be credited to the student’s account balance and any excess funds can be refunded upon the student’s request to the Financial Services Office.

Loan Cancellation

You have the right to cancel all or part of your PLUS loan disbursement each semester. Submit a request to the Financial Aid Office within 14 days from the date you receive official notification from our office that the loan has been disbursed.

If PLUS Loan is Denied 

Parents with adverse credit history, those who have accounts more than sixty days delinquent, or those who have filed bankruptcy in the past may be denied a PLUS Loan. If you are notified of a denial, you can still assist your student with the college investment in the following ways:

• Appeal – Appeal the credit decision by contacting the Department of Education at (800) 557-7394. Contact the Financial Aid Office if the credit decision has been appealed. The parent borrower must also complete PLUS Counseling on www.studentloans.gov if the credit decision is appealed. 

• Endorser – Continue the application with an endorser (co-signer). The endorser must complete the endorser addendum on www.studentloans.gov. The parent must complete PLUS Counseling and a Master Promissory Note on www.studentloans.gov. 

  • The endorser will need the parent borrower’s last name and either the endorser code OR the Loan/Award ID Number and a Federal Student Aid (FSA) ID. 
  • The endorser code may be found in the confirmation email you received from Direct Lending, or found by logging into the studentloans.gov website and selecting “Direct PLUS Loan Requests” located on the left navigation bar.   
  • Contact the Financial Aid Office if the application has been approved with an endorser.
• Reapply – Reapply for the Parent PLUS loan with a different parent by completing a new application. The new applicant would need to complete his/her own MPN.

• Additional Federal Unsubsidized Loan – A Parent PLUS loan denial makes the student eligible for an additional Federal Unsubsidized loan of $4,000 per year for Freshman/Sophomores or $5,000 per year for Junior/Seniors. The student would need to accept the loan through the student portal in My Self Service.
  
  • NOTE:  If at a later time during the academic year, either parent becomes eligible or is approved with a co-signer for a Parent PLUS Loan, the additional Unsubsidized Loan will be canceled as the student will no longer be eligible.
    
• Alternative Loan – Help your student apply for alternative loans. Alternative educational loans are available to help students meet education costs not covered by other aid.

• Cashnet Tuition Payment Plan - Cost $55 per academic year
  Cashnet payment plan will split the student’s account balance into 5 monthly affordable payments per semester. Payments are made directly to Cashnet with this option. Click here to enroll.
   
• Alma College Payment Plan - Cost $20 per semester
  This payment plan allows families to split their balance into two equal payments per semester. For information about payment plans, please contact the Alma College Financial Assistance Office at (989) 463-7453.

Still Have Questions?

See our Parent PLUS Frequently Asked Questions page or contact us for answers.

Review the resources below if you still have questions about the PLUS Loan. Below are helpful forms and Financial Aid TV videos to help you with anything and everything about the PLUS Loan! If there is something you don’t see, then call or email our office! 
P: 989-463-7347
E: finaid@alma.edu

How do I complete the Parent PLUS Loan? 

How to Request a Deferment on my Parent PLUS Loan?

Who is my Lender for my Parent PLUS Loan?  

DEFERMENT FORM