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Federal PLUS Loan
The Federal PLUS Loan allows parents of undergraduate students to borrow up to the total cost of education minus all other financial aid. The student must meet the general eligibility requirements for federal student financial aid. Parent borrowers must be U.S. citizens and creditworthy. Payments begin 60 days after final disbursement or may be deferrred while the student is enrolled. The interest rate is fixed at 8.5 percent.
If the lender selected participates in the pre-approval process, an instant credit check will be performed. Once the PLUS application is pre-approved, the parent will be able to complete the PLUS Master Promissory Note online immediately. If the lender selected does not participate in the pre-approval process, the PLUS Master Promissory Note can be completed online, and a credit check will be performed later.
If a parent is denied a PLUS loan, the student may request additional unsubsidized Stafford loan funds.
Disbursement
Loan proceeds are sent directly to Lafayette and applied to the student's account in two disbursements, one each semester, by either Electronic Funds Transfer (EFT) or paper check. For first-year borrowers, proceeds will be credited within 30 days after the first day of classes. If a credit balance results after applying the loan to the student's account, the excess can be refunded to the parent borrower within two weeks of the disbursement.
How to Apply – FAFSA or Student Status and Certification Form must be submitted.
***First-Time Borrowers***
To apply for a PLUS loan please visit the ELMSelect website. You must complete the appropriate PLUS Loan application and sign a promissory note. The Lafayette College Financial Aid Office will automatically be notified once your application has been completed.
***Prior Borrowers***
Please reapply by contacting your previous lender or servicing agency.
Feel free to contact us at financialaidloans@lafayette.edu or (610) 330-5057.
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