1201 S. State Street,
Big Rapids, MI 49307
Information for Parents
Federal Direct Parent Plus
- Parent is responsible borrower - never turns into student loan
- Fixed interest rate - 7.54 % and a loan processing fee of 4.228% for 2022-23
- Student must have valid FAFSA on file and have completed verification if selected
- Lender is the Department of Education
PLUS Loan applications for Summer semester are now available
Private Loan Options for Parents
ElmSelect is a neutral private-loan platform to assist parents in comparing This list is not all-inclusive. Comparing lenders on this list may be helpful in determining common loan terms, interest rates, borrower benefits, repayment terms, etc.
- All "education loans", including private parent loans are regulated by the federal government.
- Per federal regulations, a student may not receive more financial aid, including private parent loans, than the designated "Cost of Attendance". Please refer to your student's financial aid award notice for Cost of Attendance detail.
- Private education loans are disbursed in the same manner as federal financial aid.