The Federal PLUS Loan
(Parent Loan for Undergraduate Students)

•   The Federal PLUS Loan Is credit based federal loan for parents of dependent students.

• Loan is not subsidized by the federal government. Effective July 1st 2008 the Federal PLUS loan will have a fixed interest rate of 8.5%.
  
  
• Repayment can be deferred while the student is enrolled in school for at least half-time.  Please contact the lender for more information.
  

To be eligible for a Federal PLUS loan, you must be a parent of a dependent who meets the following:

• Complete the Free Application for Federal Student Aid (FAFSA) and meet federal eligibility requirements of U.S. citizenship or eligible non-citizenship status.
  
  
• Be degree-seeking. Second degree-seeking students must be enrolled in classes that are applicable for their second degree.
  
  
• Be enrolled for at least 6 UCF credit hours per semester that count toward degree completion as an undergraduate. At time of disbursement, student must be attending at least 6 UCF hours.
  
  
• If in receipt of a Federal Stafford Loan during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at UCF.
  
  
• After notification that the loan has been processed, you must complete the online Master Promissory Note.
  
  
• Meet the standards of Satisfactory Academic Progress (SAP). For more information, visit http://finaid.ucf.edu/receiving/sap.html.
  
  
• Understand that total aid cannot exceed the cost of attendance. Other aid (Scholarships, fellowships, waivers, etc.) affects financial aid eligibility.  For more information visit http://finaid.ucf.edu/applying/app_costs.html. 

How to Apply

1. File the FAFSA for the current aid year.

2. Complete and submit the Federal PLUS Loan Request Form. Parents may want to obtain a pre-approval letter from a preferred lender prior to filling out a request form.  If you are NOT eligible for a loan during the fall semester, you must apply for a spring only loan on the spring Federal PLUS Loan Request Form.

• If you want to use a lender that is not on our Preferred Lender list, please contact our office for the appropriate form, finaid@mail.ucf.edu .

3. Once your loan has been awarded, you may check the status of your loan from the My Loan Web site at http://finaid.ucf.edu/loans/my_loans.html. Please be advised that first time borrowers must sign a Master Promissory Note (MPN). For instructions on how to access the MPN, please visit http://finaid.ucf.edu/loans/goto_mpn.htm.

4. The chosen lender will conduct a credit check. If the credit is denied, the PLUS loan will be canceled.  If the lender later approves an appeal, we must have written notification from the lender.

NOTE: A dependent student whose parent has been denied a PLUS loan during the current aid year may be eligible to receive Federal Stafford loans at the independent level with proof of PLUS loan denial from the lender. A PLUS loan letter of denial from the lender is only valid for one aid year.