Federal PLUS Loan for Undergraduate Students
To borrow the PLUS Loan, please read all the information contained on this webpage, complete and submit the PLUS loan request on www.studentloans.gov. You are encouraged to have the student apply for all federal direct loans before considering the PLUS loan. Please do not complete the application for the PLUS loan more than 90 days before the start of the fall term.
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 Satisfactory Academic Progress requirements.
What If I Am Denied the Plus Loan?
If you are denied a PLUS Loan an offer of an additional Unsubsidized Stafford Loan will be made to the student. In addition, the student must request the Unsubsidized Stafford Loan by completing a Stafford Loan Activation Form specifically requesting an Unsubsidized Stafford Loan.
How Much Can I Borrow?
The yearly maximum on a PLUS Loan is equal to the student budget minus other financial aid/scholarships. For example, if the student budget (tuition, fees, books and supplies, 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 PLUS loan. The Offer Letter identifies the student budget and all available financial aid/scholarships. The student can view the most recent 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 PLUS Loan . Interest is charged from the date the first disbursement is made until the loan is fully repaid.
Are There Loan Fees?
Yes, you will pay a 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 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 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 in writing 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 forbearance while in school.
New Borrowers At This University
- Effective July 1, 2010 the William D Ford Federal Direct Loan program will be the sole provider of Federal Stafford, Plus, and Graduate Plus loans.
- Go to the www.studentloans.gov for more information including 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.
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, your loan servicer, 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 a PIN to complete this process. Visit www.pin.ed.gov to request a PIN if you do not already have one.
- Complete the PLUS Master Promissory Note (MPN) on the internet at www.studentloans.gov. We will not disburse a loan until the MPN has been signed.
- 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 read "The Guide" and maintain Satisfactory Academic Progress standards.