Federal Plus Loans
FEDERAL PLUS LOAN FAQS
Yes. Although the FAFSA must be completed, PLUS borrowers must also complete a Federal PLUS Loan application. An FSA ID will be required for this process.
- a U.S. citizen AND
- a legal parent (or step-parent listed on the FAFSA) of a dependent student OR
- a graduate student
- Complete the FAFSA.
- Visit the Federal Student Loan website.
- Sign in using your FSA ID.
- Click Request Federal PLUS Loan.
- Click Parent PLUS if you are the legal parent of a dependent student
- Click Graduate PLUS if you are a graduate student
- Complete the PLUS application.
- You will be notified immediately if you have been denied due to adverse credit history.
- Complete the PLUS Master Promissory Note.
- Complete the PLUS entrance counseling ONLY if you are applying for a Grad PLUS loan.
A “soft” credit check will be performed by the U.S. Department of Education upon PLUS application submission. A borrower can be denied if they have an adverse credit history. However, the credit check for a Federal PLUS Loan will be more lenient than a traditional credit check. If the borrower is a graduate student, that borrower must meet the standard eligibility criteria for federal aid. If the borrower is a legal parent of a dependent student, that student must meet the standard eligibility for federal aid.
Federal PLUS Loans enter repayment 60 days after the last disbursement of that PLUS loan UNLESS the borrower requests an In-School Deferment. This is an option on the PLUS application. The PLUS borrower may also request a grace period. This will appear as an option on the PLUS application if the borrower chooses an In-School Deferment. If the PLUS borrower chooses the In-School Deferment and the grace period options on the PLUS application, repayment for the PLUS loan will operate just as the Federal Direct Loans.
Repayment Plan | Eligible Loans | Monthly Payment and Timeframe | Quick Comparison/Requirements |
Standard Repayment Plan |
Direct Subsidized and Unsubsidized Loans
Subsidized and Unsubsidized Federal Stafford Loans
All PLUS Loans
|
Payments are a fixed amount of at least $50 per month for up to 10 years | You pay less interest for your loan over time under this plan. |
Graduated Repayment Plan |
Direct Subsidized and Unsubsidized Loans
Subsidized and Unsubsidized Federal Stafford Loans
All PLUS Loans
|
Payments are lower at first and then generally increase every two years for up to 10 years | You pay more for your loan over time than under the 10-year standard plan |
Extended Repayment Plan |
Direct Subsidized and Unsubsidized Loans
Subsidized and Unsubsidized Federal Stafford Loans
All PLUS Loans made to students
|
Payments may be fixed or graduated for up to 25 years |
Your monthly payments are lower than the 10-year standard plan, but you will pay more
over time than you will under the 10-year standard plan.
If you are a direct loan borrower or FFEL borrower, you must have more than $30,000
in outstanding direct loans and be a new borrower.
|
Income-Based Repayment Plan |
Direct Subsidized and Unsubsidized Loans
Subsidized and Unsubsidized Federal Stafford Loans
All PLUS Loans made to students
Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL PLUS Loans
made to parents
|
Maximum monthly payments will be 15 percent of discretionary income.** Payments will adjust with your income for up to 25 years. |
You must have a partial financial hardship.
Your monthly payments will be lower than payments under the 10-year standard plan.
You'll pay more for your loan over time than under the 10-year standard plan.
If you have not repaid your loan in full after making the equivalent of 25 years of
qualifying monthly payments, any outstanding loan balance will be forgiven, although
you may have to pay income tax on the forgiven amount.
|
**Difference between adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (Other conditions may apply.
UAFS partners with Great Lakes Educational Loan Services to provide access to FastChoice, an easy-to-use educational loan search engine. FastChoice does not provide an exhaustive list of all alternative loan lenders, nor a preferred lender list.
UAFS does not guarantee your satisfaction with the services and products provided by any lender. Loan product disclosures can be found on each lender's application/website. If the lender has provided UAFS with a copy of its disclosure, it can be found on My.UAFS.
You, the student, are not required to use one of the lenders on this list. If you prefer to use a different lender, you will have to contact them directly to determine what the application process is for their institution.
If you elect to use a different lender, they may send certification requests to FinAid@uafs.edu or by fax at 479-788-7095.
Sections 34 CFR 601.1(d) and 34 CFR 668.14(b)(29) of the Higher Education Act of 1965 states that alternative lenders and institutions of higher education must provide you with a copy of the self-certification form. Most lenders include this in their application, or you can download it here.