Federal PLUS Loan Information
The Federal Parent Loan for Undergraduate Students (PLUS) is a loan for which the federal government does not subsidize the interest while the student is in school. It is available to parents of dependent undergraduate students. Federal PLUS loans are low interest rate loans where the interest rate is adjusted each year but may not exceed 9%.
The student’s parent who is applying for the PLUS loan must be a U.S. citizen or an eligible non-citizen. Eligibility for the PLUS loan depends on the parents' credit rating. If eligible, parents may borrow an amount up to the Cost of Attendance minus any other financial aid the student receives. Repayment begins 60 days after the check is received. You may contact your lender for forbearance or deferment options.
Applications for PLUS loans are available in the Financial Aid & Scholarship Department or by calling (818) 677-4085 or click Federal PLUS Loan Information and Request Form for an electronic copy.
PLUS APPLICATION PROCESS
- Student submits a Free Application for Federal Student Aid (FAFSA) for the appropriate aid year.
- Parent selects a lender and pre-qualifies over the web or by telephone.
- If pre-approved, the borrower (parent) and the student must complete the Federal PLUS Loan Information and Request Form
- Submit supplemental documents if required (the Financial Aid & Scholarship Department will request any needed documents to the student).
- The Financial Aid & Scholarship Department electronically certifies PLUS Loans and transmits them to the lender.
- The lender will send a PLUS Master Promissory Note to the parent borrower, if needed.
- After final approval, the lender will transmit the PLUS funds electronically to the school. PLUS funds are applied towards any outstanding charges on student's account. Leftover funds in excess of charges will be mailed to the parent-borrower. Funds begin disbursing the Wednesday prior to the start of each term and weekly thereafter. The student must be enrolled in at least half-time units (6 units) for funds to disburse.
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