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Details of the Federal Direct PLUS Loan
- Fixed Interest Rate of 7.9%
- Net processing fee of 2.5%
- Repayment begins 60 days after the loan is fully disbursed. Borrower can request to defer payments until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled at least half-time.
- Interest may be tax deductible
Consolidation
If you have previously borrowed through a bank or credit union, you have the option to consolidate all of your PLUS Loans once your loan has fully disbursed for the 2010-11 academic year or after your son/daughter leaves student status. Consolidation can combine all of your Parent PLUS loans into one loan for repayment purposes. Specific consolidation links and information can be found at the StudentLoans web site below.
Federal Direct PLUS Loan Process- To Apply
- Go to www.StudentLoans.gov – you will need either Internet Explorer or Firefox browser.
- Start by clicking on the ‘Sign in’ button. You’ll need your FAFSA pin number to sign in to the Dept. of Education’s system. If you do not have a pin, there is a link at the bottom of the site that will allow you to request a pin. The person’s pin you use to access the system will be the borrower of the Parent PLUS Loan.
- Go to ‘Start PLUS Application Process’ and select ‘Parent PLUS’. After completion of the application, a credit check will be performed, and you will see the results immediately. Your PLUS Loan amount will be automatically divided equally between the fall and spring semesters. If you want to discuss alternatives to this 50/50 split, please contact the Financial Aid Office at (920) 465-2075. If you have been approved, continue to the PLUS Loan Master Promissory Note to complete the process. We will be notified of the results and we will request the funds for you.
- If you are denied, the site will give you some options:
i. Will Not Pursue PLUS Loan. If a parent is denied a PLUS loan, the Dept of Education allows schools to offer additional Unsubsidized Loan to your student. Make a copy of the denial and send it to UW-Green Bay with a request and your student’s UWGB ID# if you are interested in this option.
ii. Obtain an endorser. With a credit-approved endorser, the loan may be approved. See details on the site.
iii. Appeal the credit decision. Details explained on the site.
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