![]() Students are allowed an additional $4,000-$5,000 per year toward their unsubsidized loan if the parents are denied credit when applying for a direct PLUS loan. The yearly limit on the PLUS loan is equal to the student’s cost of attendance minus any other financial aid that is received. The interest rate is variable and accumulates on the loan from the date of the first disbursement until the loan is paid in full unless a request is made for a deferment and a six month grace period during the parent plus loan credit check. Eligibility is based on credit rating and is not based on income. Students must complete exit counseling prior to leaving UPIKE.įederal Direct PLUS Loans enable parents or stepparents with good credit histories to borrow funds for the educational expenses of each child who is a dependent undergraduate student enrolled at least half-time. Students are required to complete entrance counseling and a Master Promissory Note (MPN) prior to receiving loan funds.
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