What
is a Federal PLUS Loan? The PLUS Loan is a federally sponsored education
loan that offers a low, fixed interest rate of 8.5%. The standard repayment period is
ten years, but there is no penalty for early payoff.
When do these loans go into repayment? These loans typically go into repayment 60 days after full disbursement, but you may delay repayment while your student is enrolled in school for up to 4 academic years by requesting "temporary hardship forbearance". This makes the PLUS Loan a flexible option for parents to help cover their child's college expenses.
How do I apply for a PLUS Loan? The first step in the Federal PLUS Loan application process is pre-approval by accessing the Great Lakes' FASTLoans PreApproval website. In order to determine your eligibility you will be asked to provide several pieces of information. Within seconds, FASTLoans will provide an acceptance or denial of your application.
What if I am pre-approved? If approved, the Financial Aid Office will send you the necessary paperwork, which you should complete and return to our office. We will handle the processing of your paperwork for you.
What if my application is not approved? If your application is denied, your student may be eligible to borrow an additional, unsubsidized Stafford Loan as a result of the PLUS denial. The Free Application for Federal Student Aid (FAFSA) must be completed before your child can be considered for federal aid such as the Stafford Loan.