The Federal Direct Parent Loan for Undergraduate Students, often called PLUS, is a non-need based, fixed interest rate loan for the parents of dependent students. Loan amounts are limited by the institutional budget minus other financial aid. It offers a 7.9% fixed interest rate on the loan and a 4% loan fee (less 1.5% interest rebate). Repayment begins 60 days after the loan is fully disbursed and cannot be transferred into the student's name. The parent borrower must repay the loan.
Students are required to meet Satisfactory Academic Progress and maintain half-time enrollment.
After completing the FAFSA and BSU Financial Aid application, the student will be notified that their official award notice is available online. The parent can then complete the PLUS Electronic Master Promissory Note and PLUS Request form. Please submit the PLUS Request form to the BSU Financial Aid Office.
A credit check will be conducted prior to approval of the loan.
PLUS loan funds are disbursed at the beginning of each semester and credited to your student's account and any remaining balance will be issued according to your instructions on the PLUS Request Form.
Once a parent has completed a Master Promissory Note for the student all subsequent PLUS loans will only require the PLUS Request Form.
The Federal Direct PLUS loan will enter repayment 60 days after the final disbursement. All repayment and deferment questions can be answered by the Direct Loan Servicing Center at 1-(800) 848-0979. Parents may complete a PLUS Loan Student In-school Deferment form each semester to defer payment.