The Direct Parent Loan for Undergraduate Students (PLUS) provides loans to parents of undergraduate dependent students. Parents may borrow the difference between the student's cost of education and all other financial assistance. You must begin payments on a Direct PLUS loan 60 days after the full amount that you've borrowed has been disbursed. The interest rate for Direct PLUS loans is a fixed rate of 7.21% for loans disbursed after July 1, 2014 and before July 1, 2015. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement.
To apply for a Direct Parent PLUS loan:
Please visit the following website to complete the application for the Federal Parent Plus Loan: studentloans.gov
Under “Manage My Direct Loan” sign in using your FAFSA four digit PIN number. Once you are signed in, please choose “Request a Direct Plus Loan”, the loan type is Parent Plus. Complete the following steps and be sure to enter the specific amount you wish to borrow. Please refer to your student’s financial aid award letter or billing statement when deciding the amount you need to borrow. This process completes the Parent Plus Master Promissory Note and Application. Cornell College will receive this information electronically once it has been completed by you.Please keep in mind when determining the amount you would like to borrow that there is a 4.292% origination fee assessed at the time of disbursement on the PLUS loans disbursed after July 1, 2015.
The Department of Education will be servicing your Federal Direct Parent PLUS loan. After your PLUS loan has been disbursed, you can access information, with your federal PIN on the Department of Education Website. You may also call 1-800-848-0979 to speak with a customer service representative. You will receive information regarding payment of your Parent PLUS loan within 30-60 days after the loan has disbursed. If you would like to apply to defer payments on your PLUS loan while your student is enrolled at least 1/2 time, please call the Department of Education at 1-800-848-0979 to speak with them about the process.