Q: What is a Federal Direct Parent PLUS Loan?
A: The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a low interest loan offered through the Federal Government. The interest rate is a fixed 7.21% and repayment begins 60 days after funds are disbursed. Deferment while the student is enrolled in school is available with most lenders.
Q: How do I apply for a Federal Direct Parent PLUS Loan?
A: Federal Direct Parent PLUS Loan application may be completed through links listed on the Carroll College Financial Aid Award Page (STEP 3). Please note that students must have the processed results of the FAFSA (Free Application for Federal Student Aid) received by Carroll College prior to processing a Direct Parent PLUS Loan. Read and follow all instructions listed on STEP 3 to process a Federal Direct PLUS Loan.
Q: When should I apply for a Federal Direct Parent PLUS Loan?
A: Federal DirectParent PLUS Loans take approximately 2 weeks to process. If you are in need of the funds to assist with an outstanding balance at the college, please allow for adequate processing time.