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PLUS Loans can help pay for education expenses not covered by other financial aid. You may submit your application for a PLUS Loan online at www.studentloans.gov.
In order for a parent to apply for a Federal Direct PLUS Loan, the student must submit the Free Application for Federal Student Aid (FAFSA) to UTA (federal school code 003656). The student must also be a dependent undergraduate student.
Here are some things to keep in mind about Direct PLUS Loans:
Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.
If a parent’s application for a Direct PLUS Loan is not approved, the student can request the UTA Office of Financial aid award an additional Federal Direct Unsubsidized Loan for the current aid year. The student is the borrower on any Federal Direct Unsubsidized Loans awarded.
The amount of additional unsubsidized loans students are eligible to receive each year varies by grade level:
|First and Second Year Students are eligible to receive:||Third and Fourth Year Students are eligible to receive:|
|Up to $4,000 in Additional Federal Direct Unsubsidized Loans per year||Up to $5,000 in Additional Federal Direct Unsubsidized Loans per year|
If your parent is denied a PLUS Loan, please forward the PLUS Loan denial letter to firstname.lastname@example.org to request the UTA Office of Financial Aid review your account and determine your additional unsubsidized loan eligibility.
In order for a graduate student to apply for a Federal Direct PLUS Loan, the student must submit the Free Application for Federal Student Aid (FAFSA) to UTA (federal school code 003656). Here are some things to keep in mind about Direct PLUS Loans:
If you have an adverse credit history, you may still receive a Direct PLUS Loan through one of these two options:
Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay it
The interest rate on Direct PLUS Loans is 7% for loans disbursed between July 1, 2017 and June 30, 2018.