Financial Aid

PLUS Loans


The Federal Direct Parent PLUS Loan program is available to parents of dependent undergraduate students. See Loan Terms and Repayment below for eligibility.


All Applications must be printed,

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

upload docs to

2020 PLUS Loan Dates 

PLUS Loan Deferment Form

If you wish to defer your PLUS Loan payments,
complete the form above. Please reach out to our office and
we can send you Section 4 required on the form directly to your via email. 
*once form is completed you will upload said forms to your lender,
if you do not know your lender visit 

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.

Loan Limits

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

Loan Fees and Interest Rates

There is a origination fee that is taken out of the loan disbursement(s) prior to the funds being sent to the college (see fees below). The current interest rate is fixed at 7.08%. For the most up to date interest rates and origination fees, visit Federal Student Aid.

  • On or after 10/1/19 and before 10/1/20 - 4.236%
  • On or after 10/1/18 and before 10/1/19 - 4.248%

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. 

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 1st 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! 

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
  • Federal Direct Parent PLUS Loans WILL NOT disburse unless you have:
    • completed the application,
    • completed the Master Promissory Note (MPN) 
    • completed the Annual Student Loan Acknowledgment
    • 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 or
  • 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 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.


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?