The Federal PLUS Loan
(Parent Loan for Undergraduate Students)

• Is available to parents of eligible undergraduate dependent students. The student must meet the Standards of Satisfactory Academic Progress, be degree seeking, and be enrolled in UCF classes that count toward degree completion for at least six hours per term.
• Is credit based
• Has a variable interest rate capped at 9%, which is not subsidized by the federal government. Effective July 1st 2006 the Federal PLUS loan will have a fixed interest rate of 8.5%.
• Repayment begins on the date of disbursement
• May not exceed the student’s cost of attendance less other aid.

How to Apply

1. 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.)

2. Once the loan has been certified, borrowers will receive e-mail notification with instructions on how to complete the Master Promissory Note (MPN).
(Some borrowers may receive the notification via U.S. mail.)

3. The chosen lender will conduct a credit check. If the credit is denied, the PLUS loan will be canceled.

A student whose parent has been denied a PLUS loan may be eligible for an additional unsubsidized loan. The student must provide a copy of the lender’s denial letter along with a request for the unsubsidized loan.