Federal Direct PLUS loans are loans that parents can borrow to help pay for a
student's educational expenses, as long as the student is an eligible,
student enrolled at least half time (six credit hours).
At UNO, we require completion of the Free Application for Federal
Student Aid (FAFSA) before a PLUS loan can be processed. A FAFSA may
be completed online at:
Parent eligibility for a PLUS loan depends on passing a credit check.
The dollar amount that can be borrowed is equal to the student's cost
of attendance for the academic year minus any other financial assistance
received. For example, if the academic year
cost of attendance was $9,000 and the student received $5,000 in other financial assistance,
a parent could borrow up to a $4,000 undergraduate PLUS loan.
Federal Direct PLUS loans typically have better terms and more flexible eligibility criteria than private alternative loans.
Maximum loan fees and repayment interest rates are set by federal regulations. Federal PLUS loans are subject to a maximum
3% origination fee and 1% default fee. These fees are deducted from your
loan proceeds at the time of disbursement. Also, the maximum repayment interest rate is set at an 7.9% fixed rate.
To apply for a Direct Loan Parent PLUS Loan for the 2012-2013 academic year form, click here
. If you prefer, you may have your son or daughter stop by the Financial Aid Office to pick up the Authorization Form, or you may contact our office at 402.554.2327 and request that we mail the form out to you.