Loans
Federal Parent PLUS Loan

The Federal Parent PLUS Loan is an alternative loan option for parents of dependent students. The parent or stepparent of a dependent student may apply for this loan. A valid student FAFSA is required to process a Parent PLUS Loan. If student is selected for verification, that process must be completed as well. The parent borrower will be evaluated for credit-worthiness, however the credit review process is generally more lenient than private lender alternative loans. If approved, the Parent PLUS Loan has a fixed 7.9% interest rate.

Federal Parent PLUS Loan:

  • Lender is the U.S. Department of Education
  • Borrower is the parent or stepparent of a dependent student
  • 7.9% fixed interest rate
  • Funds are sent directly to the school
  • Student must be enrolled at least half-time in a degree-granting program
  • Student must be meeting Satisfactory Academic Progress
  • Parent may borrow up to the cost of attendance less any other offered aid
  • Parent Borrower must complete and sign a Master Promissory Note
  • If the Parent PLUS Loan application is denied, student may be offered $4000 to $5000 in an additional unsubsidized Direct Loan. Contact the Office of Scholarships and Financial Aid for more information at (231) 591-2110.
  • Origination fee of 4% **IMPORTANT NOTE:

    Loans with the first disbursement occuring after March 1, 2013 may be subject to a higher loan processing fee of approximately 4.20% a result of the Government Sequestration. We will provide the actual increased percentage when it becomes available.

To Apply for the Parent PLUS Loan:

For Summer 2013 , select the 2012-2013 Award Year with a loan period of 05/2013-08/2013.

 

For Fall/Spring 13/14, select the 2013-2014 Award Year with a loan period of 8/2013-05/2014.

 

Please read these instructions BEFORE accessing the application.

  • Click the Sign In button in the Manage My Direct Loan box
  • Enter the FAFSA PIN for the parent who is applying for this loan. (If the parent does not have a PIN, go to www.pin.ed.gov and apply for a PIN)
  • Begin the PLUS Loan Application Process (Request a Direct PLUS Loan)
  • Select Parent PLUS
  • Complete the four application steps

Click here to access the Parent PLUS Loan Application

Interest Rates

7.9% Fixed

4% Loan Origination Fee


Eligibility

Student must be enrolled at least half-time in a degree-granting program. (6 credit hours for undergraduate students). Parent borrower must complete and sign a Master Promissory Note.


Links

FAFSA

PLUS Loan Master Promissory Note