/Institutions/Stevens-Institution-of-Technology/json/2023-2024/Academic-Catalog-local.json

/Institutions/Stevens-Institution-of-Technology/json/2023-2024/Academic-Catalog.json

2023-2024 Academic Catalog > Financing a Stevens Education > Undergraduate Student Financial Aid Information > Federal Financial Aid Programs > Federal PLUS Loan Program

Federal PLUS Loan Program

The Federal Direct PLUS Loan is a credit-based loan program for the parent (adoptive or biological) or step-parent of dependent undergraduate students. Parents of matriculated students enrolled at least halftime (6 credits) may borrow up to the cost of education less any other financial aid received by the student per academic year. Repayment of the PLUS Loan begins 60 days after disbursement of the funds to the University. Parents have up to 10 years to repay the loan with a minimum payment of $50 per month.

To be eligible for a Federal Direct PLUS loan, the student must file the FAFSA and the parent (as well as the student) may not be in default on his/her federal student loans. Prequalification can be determined when parent applies via www.studentloans.gov. Credit decisions will expire after 180 days. In the event a parent is denied a PLUS loan, they may elect to apply with an endorser or the student may receive additional unsubsidized loan proceeds.

For Federal Direct PLUS Loans made on/after July 1, 2018 and befor July 1, 2019, there is a fixed interest rate of 7.6% and a loan fee of 4.248% that is taken at the time of disbursement.