Federal PLUS Loan
PLUS loans are federal loans that parents of dependent undergraduate students and graduate degree seeking students can use to help pay education expenses.
Here is a quick overview of the PLUS loan.
Am I eligible for a Federal PLUS Loan?
To receive a PLUS loan,
How do I apply for a PLUS Loan?
Can I still receive a PLUS loan if I have an adverse credit history?
A credit check will be performed during the application process. If you have an adverse credit history, you may still receive a PLUS loan by obtaining an endorser who does not have an adverse credits history or documenting th the U.S. Department of Education's satisfaction extenuating circumstances relating to your adverse credit history. If you are a parent borrower, the endorser cannot be the child on whose behalf you are borrowing. If a parent borrower is unable to secure a PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans to help pay for their education. The student should contact the financial aid office if a parent is denied the PLUS loan.
When do I begin repaying my loan?
Your PLUS loan enters repayment once your loan is fully disbursed (paid out).
If you are a parent borrower, you may contact your loan servicer to request a deferment while you or your child is enrolled at least half-time and for an additional six months after your child ceases to be enrolled at least half-time. If you are a graduate student your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.
If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due.
Located on the 2nd floor of Maxwell Hall#
School Year - Monday - Friday 8:00 AM - 4:30 PM
Summer - Monday - Friday 7:30 AM - 4:00 PM
Main Phone Line: 507.457.5090
FAX Line: 507.457.5628
Winona State University Toll Free: 800.DIAL.WSU (342.5978)
Email (Please include your name and student ID number)