The Federal PLUS Loan Program allows parents, with good credit histories, to borrow money to pay the educational expenses of dependent, undergraduate students enrolled at least half-time at an eligible institution.  The interest rate on the PLUS Loan is 8.5% percent.  Repayment on the PLUS Loan begins 60 days after the final loan disbursement for the enrollment period in which the funds were borrowed.

The annual limit on a PLUS loan is the student's Cost of Attendance budget minus any other financial assistance received (including Stafford loan funds).

Cost of Attendance (COA)

- Estimated Financial Aid (EFA)

PLUS Loan Eligibility

To apply for a PLUS Loan, complete the on-line Credit Pre-Approval Application available on MOHELA's website.   The credit application will be processed within minutes.  Upon credit approval, parents may elect to complete the application process online or to print and complete a hard copy application/promissory note and mail it to MOHELA for processing. 

If the Credit Pre-Approval is denied, the student may be eligible to borrow additional loan funds under the Stafford Student Loan Program.

Once processed, the funds will be sent to Western in two equal disbursements to be applied to the student's charges for tuition, fees, room and board, etc. Any remaining funds will be issued to the parent unless they have authorized the funds to be released to the student. Remaining funds must be used for educational expenses.