Financial Aid

PLUS Loans


The Federal Direct Parent PLUS Loan program is available to parents of dependent undergraduate students. 


All Applications must be printed,

filled out by hand and then sent back to the Financial Aid Office: 

upload docs to

Plus Loan Application    


When Do I Apply?

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

How Much Do I Request?

Please see Plus loan Calculator below.

Loan Limits

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

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 1st to avoid delays.

Learn more about Spring Term including costs

Understanding the PLUS Loan 

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.


Interest Rates and Fees

7.54% Fixed*

*subsidized and unsubsidized loans first disbursed on or after July 1, 2022 and before July 1, 2023.

4.228% Origination Fee*

  • This fee is taken before loan funds are disbursed to the school. The amount posted to your bill will be less than the requested amount as these fees have been deducted.
  • The borrower is still responsible for the full amount borrowed.

*Loan fee effective on all loans disbursed on or after October 1, 2020 and before October 1, 2023.

Please visit Federal Student Aid for the most current rates

Disbursement Information

The following must be complete before a loan can disburse. (note: you may have completed these steps in previous years. Please login to your portal and select “My Self Service” Financial aid and review your checklist to determine if you need to do anything further.)

  1. Completed Parent Plus MPN (master promissory note)
  2. Completed credit counseling (if required)
  3. Credit approved by the US Department of Education
  4. Student’s Final High School Transcript Received (with graduation date)
  5. enrolled in sufficient number of credit hours (not less than 6)

Disbursement Schedule

First Day of Classes: All required steps must be complete.

Second Week of the Term: Loans that have all the above requirements met will post to the student account.

  • Loan amounts are generally for the full academic year and are split in two equal disbursements over fall and winter terms.*
  • Any delay in the completion of the steps above will cause a delay in the timing of disbursement to the student account.


  • Students graduating after fall term
  • Students starting at Alma College in the winter term

Once the loan has been credited to the student’s account balance if it creates a credit balance any excess funds can be refunded upon the student’s request to the Financial Services Office .

Repayment Information

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 to find your assigned loan servicer.

*If a parent borrower does not choose to defer payment, repayment begins 60 days after full disbursement of the loan. Therefore, the first payment of a fall/winter loan will usually be due in March.



PLUS Loan Calculator 

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! 

Enter the Desired Loan Amount: 
$ .00
(enter an estimated balance here or the balance shown on the statements.)

Origination Fee
$ .00

Borrowing Amount Accounting For The Fee: 
$ .00
Enter this Loan Amount on your PLUS Loan Application.


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.

After Applying
PLUS Loan Denied - Next Steps

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 if the credit decision is appealed.

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

    • 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 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.

Loan Cancellation

I no longer wish to borrow my loan how do I cancel it?

Please send an e-mail to and include the information below. This must be done within 14 days of the disbursement posting to your account. We will send an e-mail notifying you of your 14-day window. If it is past 14 days please inquire with our office to see what options may be available.

  • Your Full Name
  • Your Student’s ID number
  • Loan Type(s) (Plus loan)
  • Amount you would like to cancel

IMPORTANT – If you cancel your loan your student may be left with an outstanding balance. Arrangements will need to be made immediately to pay this balance.

Incomplete Loans

Any pending loans (loans with incomplete steps) will be canceled by the financial aid office by the end of September.

  • It is possible to reinstate a loan by contacting the financial aid office
  • All loan requirements must now be complete



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


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?    (you must login)