2. Sign Parent Master Promissory Note Electronically
(First-time borrowers only)
The Direct PLUS Loan, is a low-interest loan for parents designed to help them meet the cost of the student's education. The lender is the U.S. Department of Education rather than a bank or credit union. Any parent of a dependent, undergraduate student may apply for this loan.
Approval of the loan will be based on the results of a credit check. If the PLUS loan application is denied, other options may be available by contacting the
Student Services Center at the Timme Building at (231) 591-2110.
For more detailed information, review the
Direct PLUS Loan Guide
| Loan: |
Direct PLUS Loan |
| Borrower: |
Parent of undergraduate
student
|
| Interest
Rate: |
Fixed 7.9% (effective
7/1/06)
|
| Guarantee/Origination
Fee: |
4% (Less a 1.5% interest rebate)
|
| Funds
Sent to School: |
Yes
|
| Repayment
Begins: |
60 days after 2nd
disbursement unless you request deferment. Call (800) 848-0979 for details.
|
| Loan
Limits: |
Cost of education less other
aid
|
|
Enrollment Status: |
Student enrolled at least 1/2 time |
|
