Federal PLUS Loan for Undergraduate Students

To borrow a Federal PLUS Loan, please read all the information contained on this webpage. Complete and submit the Federal PLUS loan request by logging into www.studentloans.gov using your FSA ID. 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:

  • Must meet citizenship requirements.
  • Are required to pass a credit check.
  • Can not be in default or owe a refund to any financial aid program.

Students:

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 wish to use a co-signer, please contact www.studentloans.gov. If you qualify, you will also need to complete the Federal Direct PLUS Loan Entrance Counseling at www.studentloans.gov before the loan is disbursed into your student's account.
  • You appeal your denial through the Department of Education.
    • If you wish to appeal your denial, please appeal through www.studentloans.gov. If your appeal is approved, you will also need to complete the Federal Direct PLUS Loan Entrance Counseling at www.studentloans.gov before the loan is disbursed into your student's account.
    • If you are denied the Federal PLUS Loan and cannot obtain a co-signer or appeal, your student may be eligible to receive an additional Federal Unsubsidized Direct Loan. You may request the additional funds through your PLUS loan application or your student must complete the Federal Direct Loan Activation form requesting the additional Federal Unsubsidized Direct Loan.

How Much Can I Borrow?

The yearly maximum in Federal PLUS Loan funds a parent may borrow cannot exceed their student's 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, in their '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 the option selected on the Federal PLUS Loan request). Students may request the funds be direct deposited into a bank account. For help enrolling in direct deposit, please visit MyNEVADA Direct Deposit Help. 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. If funds have not disbursed, then the Financial Aid Office would need written confirmation to cancel your Federal PLUS Loan.

If funds have already disbursed to your student's account, you may cancel all or a portion of the loan by completing the Federal Funds Return Form within 14 days of your student being notified of the loan disbursement. If you cancel the loan, all charges must be paid by the semester fee payment deadline. Information on the deferred payment plan can be found on MyNEVADA Payment Plan Help.

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 servicer to inquire about deferment or forbearance while the student is in school.

New Borrowers at This University

  • New parent borrowers must complete the Master Promissory Note before we can disburse your loan. Log onto www.studentloans.gov using the parent FSA ID to complete the Master Promissory Note (MPN).
  • If you are denied a Federal PLUS loan and wish to obtain a co-signer 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.

William D. Ford Direct Loan Program

The William D. Ford Direct Loan Program is the federal student loan program under which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are types of Direct Loans.

Processing Instructions

  1. Decide how much you wish to borrow. Refer to the above section titled "How Much Can I Borrow?"
  2. Request a PLUS loan at www.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.
  3. Parent must complete the PLUS Master Promissory Note (MPN) online at www.studentloans.gov. We cannot disburse a loan until the MPN has been signed and credit has been approved.
  4. 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" via email 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.
  5. When the University receives funds, our office confirms the student's eligibility for aid, including completion of all outstanding financial aid To Do List items in MyNEVADA and Satisfactory Academic Progress (SAP). 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).
  6. Our office notifies the student in writing each time a loan disbursement is made. The notification details the funding program(s) and amount(s) disbursed into the student's account.
  7. Loan funds will be made payable to the University to pay mandatory charges. 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).
    1. Students may request the funds be direct deposited into a bank account. For help enrolling in direct deposit, please visit MyNEVADA Direct Deposit Help. 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.
  8. It is the student's responsibility to maintain Satisfactory Academic Progress (SAP) standards.