Federal Parent Loans (PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) is a program whereby credit-worthy parents may borrow up to their child’s cost of attendance, minus any financial aid already awarded. The Bipartisan Student Loan Certainty Act of 2013 sets the annual fixed interest rate on Direct PLUS Loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
To apply for a PLUS Loan, eligible parents and caregivers must visit studentaid.gov and complete the application, as well as the PLUS MPN for Parents of a Dependent Undergraduate Student.
If an applicant is denied, they may appeal the credit decision or seek out an endorser. Otherwise, the student is then entitled to additional unsubsidized loan funds up to the independent limit determined by their year in school.
If at any time you wish to decline or change a loan, simply e-mail finaidmail@mville.edu.