Parent PLUS Loan
The Parent PLUS Loan is for parents borrowing on behalf of dependent students. The Parent PLUS loan is in the parent's name and cannot be transferred to the student. A parent can apply on the web at www.studentloans.gov using the parents FSA ID. Approval for this loan is based on a simple credit check.
The amount you may borrow annually is determined by subtracting the financial aid awarded to the student (including any loans) from the total costs of attendance determined by the school. There are no annual borrowing limits set by the federal government. However, the amount you can borrow may be impacted by creditworthiness. Please refer to the award letter sent to your student by the NNU Office of Financial Aid to determine the amount of PLUS loan you may need to borrow.
Parent borrowers must:
- Be borrowing on behalf of a dependent undergraduate student;
- Be either a U.S. Citizen, U.S. National or eligible non-citizen;
- Not be in default on any education loan or owe a refund on any education grant;
- Not have an adverse credit history as defined by the Department of Education.
The PLUS loan fixed interest rate is:
- 6.31% until July 1, 2017
The PLUS loan origination fee is:
- 4.276% after October 1, 2016
The origination fee goes to the federal government to offset program costs, the remaining amount is sent to the school. These loan funds are electronically disbursed in two disbursements (one in fall and one in spring) directly to the school and posted to the student's account. Even though a fee is deducted, parents are responsible for repaying the entire loan amount. Loan terms vary based on total amount borrowed. Re-payment of this loan begins within 60 days of the final disbursement unless the parent borrower has requested deferment. If a parent is denied the PLUS, the student automatically becomes eligible for additional unsubsidized loan funds.
Sallie Mae Parent Loan
The Sallie Mae Parent Loan is a private educational loan that is an additional option for parents or other creditworthy individuals (including spouses, family members, and guardians) to consider when financing all or part of a student's undergraduate or graduate education. Private student loans can help cover the rest of a student's college costs after institutional aid and federal grant and loan aid has been applied. Please click the Direct Loan tab above for more information about Federal Direct Loans.
Sallie Mae Parent Loan interest rates:
- Variable from 4.00% to 10.37%
- Fixed from 5.74% to 12.87%