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 Stafford loans before considering the PLUS loan.
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.
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.
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".
The fixed interest rate on the PLUS Loan is 7.9%. Interest is charged from the date the first disbursement is made until the loan is fully repaid.
Yes, you will pay a fee of 4.204% of 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.
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.
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.
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.
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: