Parent Loans for Undergraduate Students (PLUS)

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Federal Direct Parent Loans for Undergraduate Students (PLUS) are long-term, non-need-based loans for parents of dependent undergraduate students. Under the PLUS Loan program, parents may borrow up to the full cost of their child's attendance (as defined by Seminole State's Office of Financial Aid and Scholarships) less any financial assistance the child receives.

The interest rate is fixed at 7.9 percent with a 4.0 percent origination fee. For more information on interest rates go to the Loan Servicing Center.

PLUS Application Procedures

  1. Student Completes a Financial Aid Application
    The dependent student must submit a FAFSA and list Seminole State's school code (001520) on the application. He or she must also complete his or her To-Do List items in MySeminoleState.
  2. Parent Submits a Loan Application
    The parent borrower must submit a Federal Direct PLUS Loan application, which is available online or in the College's financial aid office.
  3. Parent E-Signs a Master Promissory Note
    For PLUS funds to be disbursed, the parent borrower must complete a Master Promissory Note upon loan approval. This note is valid for future loans borrowed on behalf of the same student for up to 10 years.

    By e-signing the Master Promissory Note, you authorize the Department of education to perform a credit check to determine your eligibility for the PLUS loan. If the parent's loan is denied, he or she may pursue a co-signer. For details, call the U.S. Department of Education at 800.433.3243, or review the PLUS Loan section of the Federal Student Aid website.

    The Department of Education will notify Seminole State when the electronic Master Promissory Note is completed and accepted. (Note: When a co-signer is used, a new promissory note must be completed in order to apply for another loan.)
  4. Loan Funds are Disbursed
    Once the application process is completed, PLUS Loan funds will be disbursed and credited to the student's billing account. If any funds remain after all charges are paid, the parent will receive the difference, unless he or she authorizes the amount to be released to the student.

PLUS Terms and Eligibility Criteria

The following criteria govern PLUS Loan eligibility:

  • Borrowers must be deemed creditworthy.
  • Borrowers and dependent students must be U.S. citizens or eligible non-citizens.
  • Borrowers and dependent students must not be in default on any type of student loan or owe any education grant refunds.
  • Dependent students must submit a Free Application for Federal Student Aid (FAFSA).
  • Dependent students must be enrolled in a degree or certificate program on at least a half-time basis (six credit hours or more).
  • Dependent students must have borrowed the yearly maximum allowed for Federal Direct Subsidized and Federal Direct Unsubsidized loans, which have better terms and interest rates than PLUS loans.

PLUS Loan Repayment

The PLUS Loan repayment period is calculated from the day after the loan is fully disbursed (usually near the beginning of April). Borrowers have 60 days from the final disbursement date to make their first payment.

It is not necessary to repay the principal prior to the official repayment start date; however, interest will be charged on the loan as soon as the first funds are disbursed. Interest fees can be paid quarterly or added to the loan balance. (Note: Adding interest fees to the loan balance will increase the principal upon which future interest is calculated and will ultimately increase the size and total cost of the loan.)

Deferred PLUS Payments

Repayment on PLUS loans first disbursed on or after July 1, 2008, can be deferred until six months after the dependent student ceases to be enrolled on at least a half-time basis. To request a deferment, borrowers must contact the Direct Lending Servicing Center at 800.848.0979.

For more information, please visit the PLUS Loan section of the Federal Student Aid website.

Want more info? Contact us.

Financial Aid Office   407.708.2045   fax: 407.708.2323

Federal School Code: 001520

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