Many families find PLUS loans an attractive alternative to using lifetime savings and investments to meet educational expenses. Below you will find information about the PLUS program.

Online PLUS Loan Application

Who is eligible?

Parents, or adoptive parents of dependent undergraduate students attending school at least half-time are eligible for PLUS loans. Borrowers must be U.S. Citizens or nationals, or eligible non-citizens. Eligibility is not dependent on your family's income or assets. Loan approval is subject to credit criteria established by the U.S. Department of Education and your lender. A credit report will be obtained from a national credit bureau once you submit your loan application. Using information provided by a national credit bureau, your lender will perform a base screening for adverse credit which does not take your income, assets, or debts into consideration.

PLUS Loan Features and Benefits

• Request up to the full cost of education (less other financial aid)
• Credit check required
• Has a fixed interest rate of 8.50%
• Does not require collateral or cosigners
• Can be prepaid in whole or in part without penalty
• Loan debt is forgiven should you or your child die or you suffer permanent or total disability

Disbursements

PLUS Loan funds are released in at least two equal disbursements directly to the school via electronic funds transfer (EFT). The anticipated disbursement dates for the 2009-10 school year are 09/15/2009 and 01/26/2010.  Funds are directly deposited into your child's school account upon verification of your child's enrollment.

Repayment

Interest begins accruing from the date funds are made available by the lender and repayment begins within sixty days of final disbursement of the loan. You will have up to ten years to repay the loan.

If you have any questions about your loan or how to handle the application, please contact the Financial Aid office at 509-527-5178 or finaid@whitman.edu.