Available for credit-worthy graduate or professional students and parents of dependent undergraduate students.<\/strong><\/p>\n A Federal Direct PLUS loan is a non-need based federal loan program. Please refer to the Direct Loan Basics for Parents brochure provided by the Department of Education for a more detailed explanation, available at https:\/\/studentaid.gov\/understand-aid\/types\/loans\/plus\/<\/a><\/p>\n You must file a FAFSA<\/a> in order to receive the PLUS Loan. Then you must apply for the PLUS Loan at https:\/\/studentaid.gov\/plus-app<\/a> each year<\/p>\n When considering a PLUS loan, remember that the student must be enrolled at least part time (6 credit hours for undergraduate students OR 3 credit hours for graduate students).<\/p>\n To borrow a PLUS loan for a student, the parent must be the student\u2019s biological or adoptive mother or father. A stepparent is also eligible to borrow a PLUS loan. A legal guardian is not considered a parent for federal student aid purposes. Grandparents are not eligible to borrow a PLUS Loan for their grandchildren.<\/p>\n Professional and Graduate students may apply for a Grad PLUS loan<\/p>\n Parent and Student are: Parent: Student: You may not borrow more than the cost of the student’s education minus any other financial aid received (such as\u00a0grants, scholarships, or loans – including\u00a0Direct Subsidized\/Unsubsidized loans).\u00a0High Point University\u00a0will determine the actual amount you may borrow.<\/p>\n 4.228% origination fee as of 10\/1\/2024 (this fee is deducted up front and thus lowers the actual net amount of each disbursement that appears on your tuition bill)<\/p>\n Current fixed interest rate is 9.083% as of 7\/1\/2024. Rates may change depending on legislation so please visit: https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates<\/a><\/p>\n <\/p>\n The Direct Loan Origination Center will notify the borrower if the Federal Direct PLUS loan credit check is denied. The HPU Student Financial Planning Office\u00a0does not provide notice if your credit check was denied. If the credit check is denied, there are three options:<\/p>\n <\/p>\n Interest begins to accumulate upon the first disbursement. Repayment begins 60 days after the final disbursement during the academic year in which the loan is disbursed, or you have the option of deferring the loan payments until the student graduates, withdraws, or drops below half-time enrollment status. You will be responsible for repaying both the principle and accumulated interest. The maximum repayment period is generally 25 years. Payments would be made directly to your federal loan servicing company. Information on how to contact your specific company is available\u00a0on the federal website.<\/p>\n","protected":false},"excerpt":{"rendered":" PLUS Loan Program Consumer Information & Application Instructions Available for credit-worthy graduate or professional students and parents of dependent undergraduate students. Program Description A Federal Direct PLUS loan is a…<\/p>\n","protected":false},"author":62,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_hpuaeo_plugin_post_data":"","_hpuaeo_plugin_meta_tags":"","footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-542","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nProgram Description<\/h5>\n
Borrower<\/h5>\n
Eligibility<\/h5>\n
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 U.S. Citizens or eligible Non- U.S. Citizens
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Not in default on prior educational loans<\/p>\n
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Borrows on behalf of the dependent student and is responsible for loan repayment
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Meets federally defined creditworthiness standards<\/p>\n
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Enrolled in at least 6 credit hours\u00a0for undergraduate students OR 3 credit hours\u00a0for graduate students
\n\u00b7 \u00a0 \u00a0 \u00a0 Undergraduate students must meet\u00a0Satisfactory Academic Progress (SAP) requirements<\/p>\nEligible Annual Loan Limits<\/h5>\n
Fees<\/strong><\/h5>\n
Interest Rate<\/h5>\n
How to apply:<\/strong><\/h5>\n
PLEASE NOTE that you must re-apply for a PLUS loan for each academic year. Also the PLUS loan application includes a credit check that is only good for 180 days. So please wait to apply for a PLUS loan until 180 days before the academic term starts. Since the applicant’s credit is run for each PLUS application, we would advise applying once for the full academic year. The loan funds will be disbursed by semester as they are awarded.\u00a0<\/em><\/h5>\n
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Options if Denied Based on Credit<\/h5>\n
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\nat 1-800-557-7394<\/li>\n\n\n
\n Additional Unsubsidized Loan Amount<\/strong><\/td>\n<\/tr>\n \n Class<\/strong><\/td>\n Additional Amount<\/strong><\/td>\n<\/tr>\n \n Freshman, Sophomore<\/td>\n $4,000<\/td>\n<\/tr>\n \n Junior, Senior<\/td>\n $5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/h5>\n
Repayment Terms<\/h5>\n