Concordia College

Federal PLUS Loan

Need-based: No

Per Year Maximum: Your total cost minus available financial aid. For example, a standard budget for an on-campus student in 2008-09 is $32,540. If you receive $15,000 in financial aid, your family would be eligible for the difference of $17,540 in a Federal PLUS Loan.

Cumulative Maximum: None, based on parents’ credit worthiness

Origination Fee: 4 percent

Interest Rate: As of July 1, 2006, the interest rate is fixed at 8.5 percent.

Repayment: Interest begins accruing from the date the funds are made available by the lender and repayment begins within 60 days of the second disbursement of the loan. You have up to 10 years to repay the loan.  Parents can request forebearance of principal and/or interest while the student is an undergraduate.

Who is Eligible: Parents and stepparents of dependent undergraduate students attending school at least half time

How to Apply: Apply online. The online site provides a lender comparison of benefits offered. PLUS loans are not dependent on your family’s income or assets; however, credit checks are required. If you require a paper application please contact the Financial Aid Office. New Borrowers | Repeat Borrowers