PLUS Loan Information

2013-2014 Federal PLUS Loan Request Form

A PLUS loan is a federal Parental Loan for Undergraduate Students. Beginning July 1, 2010, the U.S Department of Education became the only lender of these loans through the William D. Ford Federal Direct Loan Program (FDLP).A Free Application for Federal Student Aid (FAFSA) must be completed in order for a parent to borrow a PLUS Loan. This can be done online at www.fafsa.gov .

A parent can borrow a PLUS loan for an amount up to the full cost of attendance less any financial aid including student loans. The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on any federal grant. The parent borrower must not have an adverse credit history. When borrowing from the FDLP for the first time, a parent must complete a Master Promissory Note (MPN). Parents who wish to apply for the loan must complete and submit to our office the:

Please fax the completed form to us at 207-859-4122 or mail it to:

Student Financial Services
Colby College
4130 Mayflower Hill
Waterville, ME  04901-8841.


 
The following applies to Federal Direct PLUS Loans borrowed during the 2013-2014 year:
  • Loans with a first disbursement date between July 1, 2013 and November 30, 2013 have a 4.204% origination fee deducted from the amount borrowed. Loans with a first disbursement date of December 1, 2013 or later have a 4.288% origination fee deducted.
  • The interest rate is 6.41% fixed.
  • Standard repayment term is 10 years. In some cases, a borrower may be eligible for extended or graduated repayment terms.
  • If a parent borrows from this program and supplies us with an email address, we can send them the web address to complete the Master Promissory Note (MPN) electronically.

For more information on the William D. Ford Direct Loan program, please visit www.direct.ed.gov.

If seeking to consolidate federal education loans, please click here for information regarding the Federal Direct Loan Consolidation Program
 
12/13/2013 04:10:45 PM