Federal PLUS Loan for Undergraduate Students
To borrow the Federal PLUS Loan, please read all the information contained on this webpage, and complete and submit the Federal PLUS loan request on www.studentloans.gov. It is encouraged that the student apply for all federal direct loans before the parent considers the Federal PLUS loan. Please do not complete the application for the Federal PLUS loan more than 180 days before the start of the fall term, as the credit check will expire and you will need to re-apply.
What are the Borrowing Requirements?
Parents are required to pass a credit check and also meet some of the general eligibility requirements for federal financial aid. For example, parents must meet citizenship requirements and may not be in default or owe a refund to any financial aid program. The student must also be eligible for aid, including meeting all Satisfactory Academic Progress requirements.
What If I Am Denied the Federal Plus Loan?
If you are denied a Federal PLUS Loan, you may still be able to borrow the loan if a credit-worthy co-signer is approved by the Department of Education. If you are denied the Federal PLUS Loan and wish to use a co-signer, please contact www.studentloans.gov. If you are denied a Federal PLUS Loan and wish to obtain an endorser or appeal through the Department of Education and you qualify, you will also need to complete the Federal Direct PLUS Loan Entrance Counseling at www.studentloans.gov before the loan i disbursed into the students account. If you are denied the Federal PLUS Loan and do not wish to provide a co-signer, your student may then be eligible to receive an additional Federal Unsubsidized Direct Loan. Your student must complete the Federal Direct Loan Activation form indicating the Federal PLUS denial and requesting the additional Federal Unsubsidized Direct Loan.
If you are denied a Federal PLUS loan and wish to obtain an endorser or appeal through the Department of Education and you qualify, you will also need to complete the Federal Direct PLUS Entrance Counseling at www.studentloans.gov before the loan is disbursed to the student's account.
How Much Can I Borrow?
The yearly maximum on a Federal PLUS Loan is equal to the student budget minus other financial aid/scholarships. For example, if the student budget (tuition, fees, books and supplies, and room and board) is $20,000 and the student was offered $8,000 in other financial aid/scholarships, the parent could borrow up to $12,000 from the Federal PLUS loan. The Financial Aid Offer Letter identifies the student budget and all available financial aid/scholarships. The student can view the most recent Financial Aid Offer Letter via MyNEVADA , under "Communication Center".
What's the Interest Rate On Plus Loans?
Click to see the current fixed interest rate on the Federal PLUS Loan . Interest starts to accrue from the date the first disbursement is made until the loan is fully repaid.
Are There Loan Fees?
Yes, you will pay fees on the loan amount. This fee is deducted proportionately each time a loan disbursement is made. A portion of this fee goes to the federal government to help reduce the cost of the loans.
How Are Loan Funds Disbursed?
If approved, the Direct Loan Servicing Center electronically disburses funds to the University. One-half of the total loan, minus fees, is disbursed each semester. The funds are used to pay all outstanding obligations to the University. Funds remaining after all University charges are paid are made payable to the student or parent (based on option selected on Federal PLUS request). Students may request the funds to be direct deposited to a checking account. Information about setting up a direct deposit is available from the Cashier's Office. If direct deposit is not arranged, the funds will be mailed to the address listed on MyNEVADA. Students can change their mailing address via MyNEVADA.
Can I Cancel My Federal Plus Loan After I Apply?
Yes, our office notifies the student in writing whenever loan funds credit the student's account. You may cancel all or a portion of the loan by completing the Federal Funds Return Form within 14 days after the date of the notice. If you cancel the loan, tuition, fees, and other charges must be paid by the semester fee payment deadline or arrangements made with the Cashier's Office for a deferred payment plan.
When Does Repayment Begin?
Repayment begins within 60 days after the 2nd disbursement for the academic year. There is no grace period, so interest begins to accumulate at the time the first disbursement is made. The parent borrower must begin repaying both principal and interest while the student is in school. Borrowers have the option to contact their lender to inquire about determent or forbearance while the student is in school.
New Borrowers at This University
- Go to the www.studentloans.gov for more information on how to complete the Master Promissory Note (MPN) and sign using your FAFSA PIN. New borrowers must sign the Master Promissory Note before we will disburse your loan.
- You must also complete Entrance Counseling, if you are a Graduate or Professional student requesting a Federal PLUS Loan. This helps you understand your rights and responsibilities while borrowing from the Direct Loan program. You may complete Entrance Counseling at www.studentloans.gov.
William D Ford Direct Loan Program
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. With Direct Loans, you:
- Borrow directly from the federal government and have a single contact, for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
- Decide how much you wish to borrow. Refer back to the first page section on "How Much Can I Borrow?"
- Request a PLUS loan at studentloans.gov. Parent borrowers must have an FSA ID to complete this process. Visit fsaid.ed.gov to request an FSA ID if you do not already have one.
- Parent must complete the PLUS Master Promissory Note (MPN) on the Internet at www.studentloans.gov. We can not disburse a loan until the MPN has been signed and credit has been approved.
- The Direct Loan Servicing Center conducts a credit check with a national credit bureau before approving the loan. If the loan is approved, the parent borrower receives a "Disclosure Notice" from the Direct Loan Servicing Center, which identifies approximate dates for the electronic disbursement of funds. If the lender denies the loan, the student should contact our office for other borrowing options.
- When the University receives funds, our office confirms the student's eligibility for aid, including Satisfactory Academic Progress. Our office also checks enrollment status. If the student is still eligible, the funds are credited to the student's account and all outstanding financial obligations to the University are paid (fees, tuition, housing, etc).
- Our office notifies the student in writing each time a loan disbursement is made. The notification details the fund program(s) and amount(s) disbursed into the student's account.
- Loan funds will be made payable to the University to pay mandatory charges. Then if any funds remain after all University charges are paid-in-full, the residual funds are made payable to the student or parent (based on option selected on PLUS request). Students may request the funds to be direct deposited to a checking account. Information about setting up a direct deposit is available from the Cashier's Office. If direct deposit is not arranged, the funds will be mailed to the address listed on MyNEVADA. Students can change their mailing address via MyNEVADA.
- It is the student's responsibility to maintain Satisfactory Academic Progress standards.