Federal Parent Loan for Undergraduate Students (PLUS)

The PLUS loan program is a low interest federal loan for parents of dependent undergraduate students.  The interest rate for PLUS loans is a fixed rate of 8.50% for loans first disbursed on or after July 1, 2006.  The PLUS loan is not need-based.  Approval is based on credit-worthiness and you are not required to complete the FAFSA.  Although due to the lower interest rates, your son or daughter may want to first consider borrowing from the federal Stafford loan program.  For a parent to be eligible for the federal PLUS loan, the student must meet the Satisfactory Academic Progress requirements of the UMW Office of Financial Aid and be enrolled at least half-time.  Half-time enrollment is normally 6 credit hours per semester. However students enrolled in 8-week courses offered by programs like the MBA, MIS, BPS and others, must be enrolled in both 8-week sessions during the semester, for a total minimum of 6 credit hours across the entire 16 weeks of the semester.

Previous UMW PLUS loan borrowers:  A parent who has borrowed previously from the PLUS loan program at UMW may request a pre-approval each year. 

Individuals who have used UMW’s electronic process previously with Citibank, Edamerica, SunTrust, or Wachovia click here and select “PLUS Pre-approval” from the “Quick Links” section.

Individuals who have used UMW’s electronic process previously with AMS-A SallieMae Company click here.

Parents who borrowed previously from the PLUS loan program at UMW and do not request a pre-approval may complete the PLUS Request Form each year rather than another Loan Information Sheet.  Click here to access the PLUS Request Form

NEW BORROWER STEPS TO PROCESSING A PLUS LOAN:

STEP 1:  New parent loan borrowers at UMW must complete, sign, and return the Loan Information Sheet to the UMW Office of Financial Aid.  The “Student Information” section and the PLUS section of that form must be completed. Click here to access the Loan Information Sheet

STEP 2:  New parent loan borrowers at UMW can complete a pre-screening (or credit check) to determine their eligibility for the PLUS loan and must sign a Master Promissory Note (MPN). 

Parents can accomplish this by either selecting a lender from the electronic lender list (see link below), or by contacting another lender of their choice to determine the lender’s process.  If selecting a lender not on the electronic lender list, be sure to provide a copy of the credit approval or MPN from your lender to the Office of Financial Aid.  Click here to access the Electronic Lender List