What are the Federal PLUS Loan terms?*

• Maximum loan amount = cost of education minus financial aid received.
• Interest rate is 8.05% fixed.
• Loan fee = 4.228% of principal.
• Repayment of principle and interest begins 60 days after the loan is fully disbursed 
• Standard repayment period is ten years.

Who is eligible?

• A parent or stepparent of a child going to school at least half-time.
• The parent borrower must be a U.S. Citizen or Permanent Resident.
• The parent borrower must pass a credit check performed by the lender.

How do I obtain a Federal PLUS loan?
When will the PLUS loan disburse?

In accordance with federal loan regulations and CSB/SJU’s disbursement schedule, the loan will be applied to the student’s account once all requirements are met. If enrolled in both fall and spring semesters, one-half of the loan will be disbursed at the beginning of the fall semester and the remaining half will be disbursed at the beginning of spring semester.  Generally, loan proceeds arrive a few days before the beginning of each semester.

When will repayment begin?
What if I want to reduce or cancel my PLUS loan?

If you wish to reduce or cancel your Federal Direct Parent PLUS loan, it is important that you notify the Financial Aid Office in writing as soon as possible. You may cancel all or a portion of your loan (after funds have been credited to the student’s account) by notifying the Financial Aid Office in writing within 30 days after the date of your loan disbursement notice.  Loan funds will be returned to the U.S. Department of Education.

What if I want to apply for additional PLUS loan funds?

You may apply for additional PLUS loan funds by completing another application at The total amount of a PLUS loan may not exceed the cost of attendance minus all other financial aid. Please note that your credit history may be reviewed again to determine your eligibility.  A new Master Promissory Note is not required for additional loan amounts.

What if my credit is denied?

If your application is denied due to credit, you will receive notification from the Direct Loan Servicer. You may choose from the following options:

*Origination fees change annually on October 1st. For loans originated prior to 10/1/20 loan fee is 4.236%