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 7.9% percent. Repayment on the PLUS Loan begins on the date the loan is fully disbursed (there is no grace period).

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, parents must:

• Complete the Free Application for Federal Student Aid (FAFSA).

• Complete the PLUS Request Process online at www.studentloans.gov.

NOTE: You, the parent, will need your Department of Education PIN to access the site. If you have forgotten your PIN, visit www.pin.ed.gov and select “Request a Duplicate PIN.”

• Complete Missouri Western's Institutional PLUS Application (Form 8).

If your PLUS request is denied, your student may be eligible to borrow additional loan funds under the Stafford Student Loan Program.

Once processed, PLUS funds will be sent to Missouri Western in two equal disbursements to be applied to your student's charges for tuition, fees, room and board, and other university expenses. Any remaining funds will be issued to you (the parent). Remaining funds must be used for educational expenses.

If you are a parent borrower, you may contact your loan servicer to request a deferment

• while you or your child are enrolled at least half-time and
• for an additional six months after your child ceases to be enrolled at least half-time.

If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due.