APSU does not automatically award Parent PLUS as part of the financial aid awards package. However, if a dependent student enrolled at least half-time has remaining need, parents may choose to apply for Parent PLUS loans to help cover educational expenses.
Parent borrowers are eligible to borrow up to the student’s cost of attendance minus other estimated financial aid. Estimated financial aid includes federal/state grants, scholarships, federal work-study, federal student loans, tuition discounts, or any other aid paid by a third-party.
Student A: received a $5,500 loan.
Interest Rates and Fees
PLUS Loans have a fixed interest rate for the life of the loan. In addition to interest, the U.S. Department of Education automatically deducts a loan fee from each loan disbursement before the money is credited to the student’s account. For current interest rate and fee information, visit the Direct Loan website at http://studentaid.ed.gov/types/loans/plus or call the Direct Loan Servicing Center at (800) 848-0979 (TTY 1-800-557-7395).
When Does Repayment Begin?
Repayment of the Direct Parent PLUS Loan begins 60 days after the loan is fully disbursed. Parent borrowers may postpone repayment by requesting a deferment while the dependent student is enrolled at least half-time. During periods of deferment, interest will continue to accrue. During the online application process, the parent borrower will be given the option to select whether or not to defer the loan.