Federal PLUS loans allow parents of dependent undergraduate
students to borrow up to the annual cost of education minus any financial aid.
In addition, this program also allows graduate students to borrow up to the
annual cost of education minus any financial aid. PLUS loans are not based on
financial need, but do require a good credit history. There is a 10-year
repayment schedule and deferment options do exist. For graduate students,
payments are automatically deferred while in school.
The data from your request form will be used to create an
electronic certification record that will be sent to your chosen lender.
When your electronic certification has been accepted,
you will be mailed a PLUS Loan Application and Master Promissory Note (MPN),
unless one is already on file. Please return the
completed MPN to your lender as soon as possible so your lender can perform the
credit check and notify you whether the PLUS loan has been approved or denied.
If you are unsure about your credit profile, you
may have your credit status pre-screened. Please check with your lender for this
option.
When PLUS Loan funds credit the student’s account; the actual
disbursement will be less than the original amount of the award because of the
deduction of loan origination and default fees. These fees are deducted by the
lender per federal regulation.
If there is a credit balance on the student’s account after all
charges for the semester have been paid and the credit was created by PLUS Loan
proceeds, then it will be returned to the parent borrower or the student as you
have indicated on the request form. However, funds will not be available
before the first day of classes for each semester, since the enrollment status
of the student must be verified before funds can be released.
The first payment on the loan will be due within 30 to 60 days
of the last disbursement for the loan period. Information regarding
repayment plans will be mailed to you by your lender. The interest rate is fixed
at 8.5% and will not exceed 9%. You may prepay all or a portion of your loan at
any time, without a penalty.
If you have questions regarding the Federal PLUS Loan, please
contact the Student Financial Aid Office at (704) 687-2461.
To
request a Parent or Graduate PLUS Loan, complete the appropriate form below
and return it to Office of Student Financial Aid, UNC Charlotte, 9201
University City Blvd., Charlotte, NC 28223-0001.
You may also fax the completed form to (704) 687-3132.
PLUS Loan forms can be found on the Frequently Requested Forms
page.
Please click
here for the Loan Counseling Page which
contains information about complete the Graduate PLUS Loan entrance counseling.
