Federal Direct PLUS Loan

|

The Federal Government provides a PLUS (Parent Loan for Undergraduate Students) loan that enables birth, adoptive, or step-parents with no adverse credit history to borrow money to pay for the education of dependent undergraduate students enrolled at a least half-time.

A credit check is required for a PLUS Credit Approval.

The PLUS Loan has a federal origination fee of 4% deducted proportionately from each loan disbursement.

Current interest rates for PLUS loans 

How to apply for a Federal Direct PLUS Loan

  1. The Federal PLUS Loan is not based on financial need; however, SPC requires completion of the FAFSA (Free Application for Federal Student Aid).
  2. Complete the SPC Federal Direct Parent Loan for Undergraduate Students (PLUS) form.
  3. Complete the Federal Direct PLUS Master Promissory Note. This only needs to be completed once while your student attends St. Petersburg College.
  4. Your student will need to accept the loan in MySPC.

Federal PLUS loan eligibility

To be considered for a Federal Direct PLUS Loan:  

  • The student must complete a FAFSA (Free Application for Federal Student Assistance)
  • The parent must obtain a Federal PIN (Personal Identification Number)
  • Students and parents must be a U.S. Citizen or eligible non-citizen
  • Students and parents must not be in default on a federal education loan or owe an overpayment on an educational grant
  • Student must be seeking a degree
  • Student must be enrolled at least half-time (minimum of six credits)
  • Student must attend classes and maintain Satisfactory Academic Progress
  • Applicant cannot have an adverse credit history
  • Applicant must complete the SPC Federal Direct Parent PLUS Loan Certification Form 
  • Applicant must complete the Federal Direct PLUS Master Promissory Note  

More information on Federal Direct Parent PLUS Loans.

What is a PLUS loan?