Parents PLUS Loan
Parents of a dependent student may apply for a Ford Federal Direct PLUS loan, a non-need-based program administered by the University and the federal government. The funds will first be applied to the student’s financial account to pay for tuition and fees, room and board, and other school charges. If any money remains, parents will receive the balance. The student must be admitted to and enrolled at least half time in a degree program.
- You will be charged a 4 percent origination fee on the gross amount borrowed.
- The interest rate is variable, adjusted annually, and capped at 9 percent.
- Repayment begins 60 days after the last disbursement. No grace period or deferments are permitted.
Estimated Monthly Payments
The amount of each payment depends on the size of your debt and on the length of your repayment period. Usually, you’ll pay at least $50 a month. The sample repayment plan shows estimated monthly payments and total interest charges for loans of varying amounts and interest rates, with typical repayment periods.
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