Notice to PLUS Borrowers:
Termination of Direct Loan Borrower Repayment Incentives:
The Department of Education will no longer offer repayment incentives to Direct Loan borrowers, including any reduction in the interest rate or origination fee, effective for loans disbursed on or after July 1, 2012. The law continues to allow the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically debited from a bank account.
The Federal Direct PLUS Loan allows parents to borrow funds to pay for the educational expenses of their dependent, undergraduate students. It is a non-need based loan. To obtain a PLUS loan, parents cannot have an adverse credit history.
The PLUS loan is for families who: are not eligible for other types of financial aid, have unusual costs above the standard student expense budgets, have remaining financial need after other forms of financial aid have been awarded, or wish to borrow all or part of their Expected Family Contribution.
To apply for a PLUS Loan, the parent will need to go to: StudentLoans.gov. Click 'Sign In' using the parent's federal pin number. Once logged in, the parent will select 'Request a PLUS Loan'. We will receive an electronic response within 24-48 hours.
Because NSU participates in the Direct Loan program, we do NOT process Subsidized or Unsubsidized Stafford Loans, or PLUS loans through private lenders.
NOTE: Graduate students can also borrow PLUS funds.
The maximum amount of PLUS Loan that you can borrow each year is the cost of attendance minus all other financial aid awarded.
PLUS Loan Eligibility Example:
$20,000 Cost of Attendance/Budget
-$11,000 Total Financial Aid Awards
=$9,000 PLUS Loan Eligibility
As of July 1, 2014, the fixed interest rate for PLUS Loans is 7.21%. This interest rate is fixed for the life of the loan.
NSU's Federal School Code: