Federal Direct PLUS Loan
Parent PLUS loans are processed exclusively through the William D. Ford Federal Direct Loan Program in which loan funds are obtained directly from the U.S. Department of Education. Other details include:
- This is a parent loan
- Student must file the FAFSA
- For loans disbursed between July 1, 2014 and June 30, 2015 the interest rate will be fixed at 7.21%.
- Repayment begins within 60 days after final disbursement. However, it is possible to postpone principal and interest payments while the student is enrolled. To request this, please contact the Direct Loan Servicing Center at 800-848-0979.
- Request Plus Loan. You should request the amount you wish to borrow for the academic year. The financial aid office will schedule half of the loan to disburse to the student's account shortly after the beginning of each semester.
- When a parent is denied PLUS based on adverse credit, the dependent student is allowed to borrow additional unsubsidized loan. Please see Federal Direct Loan for details.
- Parents who borrow Federal Direct PLUS Loans will have the loan information submitted to the National Student Loan Data System (NSLDS). This information will be accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the system.
- Additional information about Federal Direct PLUS Loans is available at Student Aid on the Web.
- A parent borrower must complete a Federal Direct Loan Master Promissory Note if this is the first time borrowing for the student at Bridgewater College.