The Parent PLUS loan is a federally backed 7 percent interest rate loan available to all parents of dependent students. The dependent student and parent are required to file the FAFSA to be eligible for a Parent PLUS loan. All PLUS loan decisions are credit-based, and parents must re-apply for a PLUS loan each year. The repayment period on the Parent PLUS loan is 10 years. Payments begin 60 days after the last disbursement of each individual loan application. However, if the parent applies for a PLUS loan and it is declined by the Department of Education, the student is then eligible for an additional Unsubsidized Stafford Loan up to $4,000 for freshmen and sophomores and up to $5,000 for juniors and seniors.
Federal Parent PLUS loans can be approved only for the difference between the annual cost of attendance at Maryville College and the student’s scholarships, awards and financial aid. The cost of attendance is determined for students by the college and includes tuition, room, board, fees, average book costs and transportation costs.
|Annual Cost of Attendance||$35,000|
|Student Scholarships and Financial Aid||- $25,500|
|PLUS Loan borrowing availability||= $9,500*|
* When deciding on the amount to borrow, please allow for a 4.264 percent Federal origination fee that will be deducted from the loan amount before it is disbursed to Maryville College.
To complete the PLUS Loan application, go to the StudentLoans.gov website. Once there, click on “Sign In” and then select “PLUS Application.” You will need your social security number and your FSA ID in order to apply for your PLUS Loan electronically. Once you are approved for a PLUS Loan, you will need to sign your PLUS Loan MPN electronically with your FSA ID. After you sign your PLUS MPN, electronic notification will be sent to Maryville College. Maryville College will not be able to disburse the Federal Direct PLUS Loan unless the borrower has completed the PLUS MPN and the loan is APPROVED by the U.S. Department of Education.