William D. Ford Federal Direct Parent Loan
for Undergraduate Students (PLUS)
Eligibility Criteria
1. Parents of dependent students are eligible to apply
2. Student must be enrolled at least half-time
3. Not in default on another student loan
4. U.S. citizen or eligible non citizen
5. Student must be maintaining satisfactory academic progress
Amounts & Selection Process
Parents of dependent students may borrow a maximum of the cost
of education minus other financial aid.
Terms
For the 2009-2010 academic year, the interest rate will be a fixed rate of 7.9%. Interest accrues while the student is in school.* Standard repayment period is 10 years. A
2.5% processing fee is deducted from the loan proceeds when the
funds are disbursed. Repayment begins 60 days after the loan has fully disbursed.
* New Parent PLUS loans are eligible for deferment. Find out more about Parent PLUS loan deferment options.
Application Process
- File the Free Application for Federal Student Aid (FAFSA).
- Complete PLUS Loan Request Form.
- Approved credit-worthy parent will receive instruction from
Marquette to sign the electronic Master Promissory Note.
Renewal Process
Renewed only if all necessary forms are filed each year and students continue
to meet eligibility requirements.
