Federal Direct Parent PLUS Loan Program
Beginning in the summer 2009 semester, St. John Fisher is participating in the William D. Ford Federal Direct Parent PLUS Loan Program. The lender of these loans is the federal government and repayment is to the U.S. Department of Education.
Direct Loan Basics
Parents, stepparents, and legal guardians of dependent undergraduate students attending at least half-time may borrow the difference between the Cost of Attendance and all other student aid received by the student.
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) for the parent to be eligible for the Federal Direct Parent PLUS Loan.
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, the student must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility. Loan approval is subject to credit criteria established by the Department of Education, and a credit report will be obtained from a national credit bureau.
Interest Rate and Repayment
Federal Direct Parent PLUS Loans have a fixed interest rate of 7.9%. The interest will not change throughout the life of the loan. A 4% origination fee is charged and a 1.5% fee rebate is offered to all borrowers in anticipation of on time payment. Repayment of the loan begins within 60 days after the date funds are disbursed. Repayment may be delayed until 6 months after the student graduates or is no longer enrolled at least half-time by contacting the Direct Loan Servicing Center at 1-800-848-0979 or at www.dl.ed.gov
- Federal Direct Loan Repayment Options, Loan Consolidation, Deferment, and Forbearance
- Loan Calculators
Additional Information
Federal Direct Parent PLUS Loans can be repaid fully or in part at any time without penalty. The funds are disbursed directly to the school in one or more disbursements via Electronic Funds Transfer (EFT) to the student's account.
How to Apply
This annual process will allow you to apply for a Federal Direct Parent PLUS loan for the first time or to authorize a new loan amount on a previously signed electronic Master Promissory Note (MPN). Please allow 2-3 weeks processing time.
- Have student complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Parent PLUS Loan offer on Fish 'R' Net.
- Complete Parent Request and Credit Check Consent Form [pdf] and submit to the Financial Aid Office.
- Complete New Master Promissory Note (MPN) for Parent PLUS Loans using your FAFSA PIN.
For More Information
Direct Loan Servicing Center
Borrower Services Department
P.O. Box 5609
Greenville, TX 75403-5609
Toll free: 1-800-848-0979
http://www.dl.ed.gov
Payment Address:
U.S. Department of Education
Direct Loan Payment Center
P.O. Box 530260
Atlanta, GA 30353-0260
Direct Loan Consolidation:
U.S. Department of Education
Consolidation Department
Loan Consolidation Center
P.O. Box 242800
Louisville, KY 40224-2800
Toll free: 1-800-557-7392
http://loanconsolidation.ed.gov