Student Services

Federal Direct PLUS Loan

The Federal Government provides a PLUS (Parent Loan for Undergraduate Students) loan that enables birth, adoptive, or step-parents with no adverse credit history to borrow money to pay for the education of dependent undergraduate students enrolled at a least half-time (6 + credits).

A credit check is required for a PLUS Credit Approval.

The PLUS Loan has a federal origination fee of 4% that will be proportionately deducted from each loan disbursement.

Current interest rates for PLUS loans

How to Apply for a Federal Direct PLUS Loan

  1. The Federal PLUS Loan is not based on financial need; however, SCF requires completion of the FAFSA (Free Application for Federal Student Aid).
  2. Complete the Federal Direct PLUS Master Promissory Note. This only needs to be completed once while your student attends SCF.
  3. Complete theFederal Direct Parent PLUS Loan Certification Form PLUS form.
  4. Your student will need to accept the loan in SCFconnect.

Federal PLUS Loan Eligibility

To be considered for a Federal Direct PLUS Loan:

  • The student must complete a FAFSA (Free Application for Federal Student Assistance)
  • The parent must obtain a Federal PIN (Personal Identification Number)
  • Students and parents must be a U.S. Citizen or eligible non-citizen
  • Students and parents must not be in default on a federal education loan or owe an overpayment on an educational grant
  • Student must be seeking a degree
  • Student must be enrolled at least half-time (minimum of six credits)
  • Student must attend classes and maintain Satisfactory Academic Progress
  • Applicant cannot have an adverse credit history
  • Applicant must complete the Federal Direct Parent PLUS Loan Certification Form
  • Applicant must complete the Federal Direct PLUS Master Promissory Note

How much money can my parents borrow?

Parents may borrow the full yearly Cost of Attendance (as established by Financial Assistance Services) minus all other eligible financial assistance.

For example, if the Cost of Attendance is $6,800 and the student receives $4,000 in other financial assistance, your parent(s) could borrow up to, but no more than, $2,800. There is no cumulative borrowing limit.

See Direct Loans for Parents for more detailed information.

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