Federal Direct PLUS Loans
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Contact Financial Aid
Financial Aid Office
David C. Briegel Building, Room 1004
Hours
Monday-Friday, 8 a.m.-5 p.m.
finaid@swmich.edu
269-783-2143
269-783-2114
About Direct PLUS Loans
Parents who wish to borrow to pay for their dependent student's educational expenses may apply for a low-interest Direct PLUS Loan funded by the U.S. Department of Education.
- The interest rate is fixed at 9.08%.
- A loan fee of 4.228% will be charged.
- A credit check will be performed during the application process.
- The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received.
- The parent who completes the application and obtains the PLUS Loan (as the borrower) is legally responsible for repayment of the loan.
- Repayment begins within 60 days of the disbursement date.
- A student whose parent is denied a PLUS Loan may be eligible for an additional $4,000 unsubsidized Direct Loan.
- More information can be found here.
How to Get a Direct PLUS Loan
First, students should...
- Complete the FAFSA using SMC's code, 002317.
- Make sure all items in the financial aid column of their Student Dashboard are marked as "Complete".
Then, parents should...
If approved, parents will then need to...
- Complete a Master Promissory Note via studentaid.gov.
- Complete Entrance Loan Counseling, if required as indicated when applying for the PLUS Loan.
Note: Students must meet and maintain SMC's Satisfactory Academic Progress Policy to remain eligible for the PLUS loan.