Plus

PLEASE NOTE: IF YOU ARE APPLYING FOR A PLUS LOAN DURING THE 2007/2008 ACADEMIC YEAR, YOU MUST FILE YOUR 2007/2008 PLUS APPLICATION WITH THE USF FINANCIAL AID OFFICE NO LATER THAN APRIL 18, 2008.

Federal Direct Parent Loan for Undergraduate Students (PLUS) Program

Parents with good credit histories may borrow from the Direct PLUS Program. Funds can be borrowed on behalf of each dependent child who is enrolled at least half-time in an undergraduate program. The annual loan limit is the student's cost of education minus estimated or actual financial aid. Among the features of the PLUS program is a fixed 7.9% interest rate, in-school payment deferment, and fixed monthly payments. Payment of principal and interest begins no later than 60 days after the loan is fully disbursed.

The FAFSA is required so that the student's eligibility for aid can be determined before the family makes the decision to borrow.

Federal Direct Plus Loans For Graduate and Professional Students

The Budget Reconciliation Act of 2005, passed by the Congress and signed by the President in March 2006, authorizes graduate and professional students to borrow from the Federal Direct PLUS program.

The Federal Direct PLUS program, effective with loan periods beginning on or after July 1, 2006, will allow eligible graduate and professional students to borrow up to the cost of attendance less any other aid they’ve been awarded. To be eligible to borrow from PLUS, graduate and professional students must file the Free Application for Federal Student Aid (FAFSA) and must first borrow from the Subsidized and/or Unsubsidized Federal Student Loan program. Among the features of the PLUS program is a fixed 7.9% interest rate, in-school payment deferment, and fixed monthly payments. PLUS loans can be consolidated with other federal student loans and may be a good alternative to private education loan programs for some student borrowers.

If you are interested in Grad PLUS loan, please go to our web page at

http://www.usfca.edu/acadserv/academic/finaid/forms.htm

Select the appropriate PLUS Loan Pre-Application for your particular degree program (Graduate or Law), and complete and return it to your financial aid office.