Your promissory note is in electronic format and you will need to go to to complete. That note is good up to 10 years so long as you continue to borrow. Students may also prepay on these loans without penalty.
Federal Direct PLUS Loans are offered to parents of dependent students. UNC requires that parents/students file the FAFSA to determine eligibility for this loan. These loans are equal to the cost of attendance minus other aid that the student accepts. Parents are not obligated to accept a PLUS loan, or can adjust the amount they wish to borrow.
This usually means repayment begins during the spring semester, as the loan has two disbursement requirements (one in fall, and one in spring)
The Department of Education performs a credit check on the potential borrower of a PLUS Loan. If the parent has an adverse credit history, the loan can be denied. Parents who are denied can work with the government to have the loan approved. A PLUS credit check does go against the parent credit report, but the debt to income ratio test is not applied for a PLUS loan.
The borrower is subject to a credit check to qualify for the loan
If the parent has been denied for the PLUS loan, a student can borrow an additional Unsubsidized Direct Stafford Loan. This additional offer will be made automatically once UNC receives this information from the Department of Education.
Interest begins to accrue 30 days after the second disbursement is made. Parents must start repayment of both principal and interest on a PLUS loan within 60 days after full disbursement of the loan has been made. The parent has the option to defer the PLUS loan payment until the student is out of school. Federal Direct PLUS Loans offer interest-only payments for a limited time while the student is enrolled.
Please be aware that the PLUS Loan promissory note is also called a Master Promissory Note. If your parent has signed a PLUS Loan promissory note in the past 10 years with the Department of Education, your parent should not http://www.guaranteedinstallmentloans.com/payday-loans-sc/ have to sign a new promissory note. If your parent has never borrowed a PLUS loan before, the promissory note must be signed in order for us to request funds. Parents will also need to complete a credit check by clicking on request a plus loan at the website.
The Federal Direct PLUS Loan for graduate students is borrowed by a graduate student. A parent is not able to borrow this loan on behalf of a student. Undergraduate students are not eligible for this loan. UNC graduate students who are Colorado residents will have most of their cost of attendance covered by the current $20,500 allowed under the Federal Direct Stafford Loan Program. Graduate students whose costs are not met by the current Stafford loan levels may want to consider the PLUS loan as a means to make up the difference.
The amount is limited to the cost of attendance minus other awarded aid. Repayment begins within 60 days after full disbursement of the loan. The borrower will need to e-sign a Master Promissory Note once the loan is processed, if one is not already on file within the past 10 years.
Please note that PLUS loans do not have the same terms as the Stafford Loans. PLUS loan amounts are based on cost of attendance minus other aid received. The interest rate on these loans can be found on the .
