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The Federal PLUS (Parent Loans for Undergraduate Students) Loan
program extends loans to parents of undergraduate students who attend
school at least half-time.
The interest rate is fixed at 8.5% for all PLUS loans disbursed after July 1, 2006. The yearly limit a parent can borrow is equal to the cost of attendance minus any other financial aid received. Fees may be charged by the lender and will be deducted proportionately each time a loan disbursement is made. Contact the lender directly with questions regarding the loan and potential fees.
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Completing the Free
Application for Federal Student Aid (FAFSA) is now
required before the Financial Aid Office will process a PLUS loan.
Parents must complete a Federal PLUS Loan application on-line
with the lender of their choice. Please access the specific lender’s
website.
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To take out a Federal PLUS loan, you must be the parent of a dependent
child, who is enrolled at least half-time
and meets the general financial aid Eligibility
Requirements.
Parents must have a good credit history and be citizens or eligible
non-citizens. They may not be in default or owe a refund to any
student financial aid assistance program.
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The lender will send a PLUS loan check to the Financial Aid Office at Clark College. In most cases, the loan will be disbursed in three installments. The student’s tuition and fees must be paid before we can release the funds to the parent. The parent must bring a Proof of Attendance form that was completed by the student and photo ID to pick up the voucher in the Financial Aid Office. The parent then takes the voucher to the Cashier’s Office to pick up the check.
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Parents must begin to repay the Federal PLUS loan within 60 days
of full disbursement. The minimum monthly payment is $50 and the
maximum repayment term is 10 years.
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