UF Office for Student Financial Affairs

Parent PLUS | UF Office of Student Financial Aid and Scholarships

Parent PLUS Loans are loans for folks of dependent undergraduate students to borrow as much as the student’s value of attendance, minus different monetary help.

Interest is charged throughout in-school, deferment, and style intervals. The borrower is accountable for the curiosity from the time the PLUS Loan is disbursed till it’s paid in full. You can select to pay the curiosity or permit it to accrue (accumulate) and be capitalized (that’s, added to the principal quantity of your loan). Capitalizing the curiosity will enhance the quantity it’s important to repay.

Parent debtors must be conscious that Parent PLUS loans are topic to credit approval by the Department of Education.

Borrower Interest Rate
(for loans disbursed from
7/1/20 to 7/1/21)
Interest Rate
(for loans disbursed from
7/1/21 to 7/1/22)
Origination Fee
(for loans disbursed from
10/1/20 to 10/1/22)
Parent of a dependent undergraduate 5.30% Fixed 6.28% Fixed 4.228%
Deferment For details about deferment of a Parent Plus Loan, contact your loan servicer.
Repayment Repayment begins as soon as your loan is totally disbursed (paid out) until you’ve got requested a deferment.

 

How Much Can I Borrow?

The most quantity you’ll be able to borrow every tutorial yr is calculated by subtracting different monetary help out of your value of attendance. Direct loan eligibility and loan request quantity have to be better than $350 for a PLUS or Grad PLUS loan to be processed.

Example

Alberta Gator is a primary yr dependent undergraduate student. Her value of attendance for Fall and Spring phrases is $17,600 and her different monetary help (corresponding to grants, scholarships and Subsidized Loans) totals $9,000.

Parent Plus Loan Example

Alberta’s dad or mum would have the ability to borrow as much as $8,600 in a Parent PLUS Loan.

To Apply for a Parent PLUS Loan:

  1. Complete a FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.govwww.fafsa.gov.
  2. Submit a web based PLUS Loan Request utilizing https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govgoal=”_blank” rel=”noopener noreferrer”>StudentAid.gov.

To be Eligible You Must:

  1. be a dad or mum or eligible step-parent of a dependent undergraduate student;
  2. the student have to be enrolled no less than half-time;
  3. the borrower and student should not have defaulted or owe a refund to any earlier help program;
  4. the student should keep passable tutorial progress;
  5. the dad or mum borrower and student have to be U.S. residents, nationals, or everlasting residents; and
  6. the dad or mum borrower should have no opposed credit historical past.

To Receive Your Parent PLUS Loan:

  1. Complete a Master Promissory Note (MPN) for Parent PLUS Loans utilizing https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govgoal=”_blank” rel=”noopener noreferrer”>StudentAid.gov.
  2. Complete PLUS Counseling if required utilizing https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govaria-label=”StudentLoans.govStudentAid.gov”>https://studentaid.govgoal=”_blank” rel=”noopener noreferrer”>StudentAid.gov. PLUS Counseling is required in case you initially don’t cross a credit test however are accepted since you acquire an endorser otherwise you enchantment your denial and submit supporting documentation.
  3. Once lessons have begun, and UF has verified that the student is enrolled, funds will likely be disbursed.

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