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Federal Parent Loans (PLUS)
Federal PLUS Loans are long-term, low-interest loans awarded to parents of undergraduate students by this Paul Mitchell School, which are funded through a bank or other lending agent. PLUS funds can be used to supplement other sources of aid to help meet the family contribution portion of the cost of education. Parents at all income levels are eligible for consideration pending credit approval.
Eligibility for a PLUS Loan
In order to qualify for a PLUS loan, the student for whom the funds are intended must be attending school on at least a half-time basis in an approved program. Eligibility is also based on the borrower's creditworthiness. Students whose parents are unable to obtain credit approval for a PLUS loan may qualify for additional funding through the Federal Stafford Loan program. Applicants who are denied a PLUS loan based on an adverse credit decision should contact the Financial Aid Leader to request an account review.
Federal PLUS Loan Amounts
The amount available in Federal PLUS Loan funding will vary for each borrower. The maximum amount of each loan is determined by this Paul Mitchell School's Financial Aid Office based on the students expected costs and other financial aid amounts.
Federal PLUS Loans disbursed on or after July 1, 2006 have a fixed interest rate of 8.50% for parents.
Federal PLUS Loans disbursed before July 1, 2006 have an annually variable interest rate which is capped at 8.25%. The effective rate for these loans from July 1, 2007 through June 30, 2008 is 8.02%.
All Federal PLUS Loans may be subject to an origination and insurance fee of up to 4%, taken from the value of the loan at the time it is disbursed to the school. The loan amounts listed above and on financial aid award notifications represent the gross amount (amount before the fees have been paid). Borrowers should consider the fees charged by each lender when choosing their loan provider.
Standard loan repayment begins 60 days after the loan has been fully disbursed for the academic year. Interest will begin to accrue at the time of the first loan disbursement. Repayment will initially be scheduled for fixed monthly payments over a 10-year period.
Parents now have the choice of making payments while the student is in school or deferring payments until the student graduates. If you choose to pay after graduation, interest will accrue from the time of full disbursement. You can choose to pay the interest monthly, or you can defer both interest and principle until the student graduates. If you choose not to pay the interest monthly, it is capitalized no more than four times per year.
How to Apply for a Federal PLUS Loan
Parents of undergraduate students should complete the following steps to apply for a Federal PLUS Loan:
- Complete the Free Application for Federal Student Aid (FAFSA) or sign an educational purpose statement for the school's financial aid office. This Paul Mitchell School must have a completed FAFSA before funds for a Parent Plus Loan can be disbursed.
- Apply for a Parent Plus Loan over the phone by calling American Student Assistance at 1-800-999-9080 ext 5015. You may also apply online at www.amsa.com/direct.
Borrowers accepting a Federal PLUS Loan for the first time at this Paul Mitchell School or borrowers who would like to choose a new lender should also:
- Select a lender
- Complete a Master Promissory Note
PLEASE NOTE: A Master Promissory Note can be completed and printed by going to Federal Family Education Loan Program Master Promissory Note.
If you do not want to complete the MPN electronically, you may complete it using the paper process by going to Federal Family Education Loan Program Master Promissory Note (PDF opens in new window). If using this method, please return the completed form to the Financial Leader. We will electronically process the loan with the lender you have selected. You may also apply electronically from many lender websites. The school's OPEID# 007593 and should be used for loan processing.