Aid - Federal Parent PLUS Loan
PARENT PLUS LOAN
Parents may borrow a Federal PLUS loan to assist with educational expenses. The interest rate is a fixed 7.9%. For additional information visit Student Aid on the Web.
- Parent is responsible for repayment of the loan.
- Repayment begins up to 60 days after disbursement of the entire loan amount.
- Borrower must meet minimal credit requirements (no adverse credit).
- If a parent is denied a PLUS Loan based on adverse credit a student may become eligible for an additional unsubidized Federal Stafford Loan. Please contact the Financial Aid Office for more information.
To receive a Federal Direct Parent PLUS loan at Carroll College, the following conditions need to be met:
- The student must have the processed results of the FAFSA (Free application for federal student aid) received at Carroll College.
- The student must be accepted for admission as a degree-seeking student at Carroll College.
- The student must have accepted their 2013-2014 financial aid award.
- The student must be enrolled for at least half-time (6 or more credits).
- The student must be a dependent student.
- A Federal Direct PLUS Loan Master Promissory Note must be on file for the borrower.
- A Federal Direct PLUS Loan Application must be completed each year.
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