Federal Stafford Loan
Direct Parent PLUS Loans are available to parents of dependent undergraduate students enrolled at least half-time in an eligible degree or certificate program to pay for their educational costs.
The University of Colorado Denver requires students to submit a FAFSA to determine their eligibility for the Direct Parent PLUS Loan and other types of financial aid.
The University of Colorado Denver recently made the decision to move the Anschutz Medical Campus into the Federal Direct Loan Program for the 2008-09 school year. Click
here
to view a list of questions and answers related to the Direct Loan Program that should help families understand how this program will serve their student.
For information about federal student aid from the U.S. Department of Education, visit
www.studentaid.ed.gov.
Your Master Promissory Note will also include the terms and conditions of the loan.
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Direct
Parent PLUS Loan
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Benefits and Features
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Eligibility
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- Fixed
interest rate
- Direct Loans are not sold
- Direct PLUS Loans can be consolidated with other federal
loans
- Borrowers
have a single contact for everything from application to repayment
- Flexible
repayment options
- There
are no pre-payment penalties
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- Student
must be enrolled at least half-time in an eligible undergraduate
degree.
- Parent
or student cannot be in default on any federal student loan or owe a
refund on a federal student grant
- Parent
and student must have a valid social security number
- Parent
and student must be a U.S. citizen or eligible non-citizen.
- Student
must be registered with the Selective Service if required.
- Continuing
students must meet satisfactory academic progress standards.
- A
credit check is required for PLUS Loans. Borrowers cannot have a
negative credit history. However, you may be able to apply with an
eligible co-signer.
Please note that this credit check is valid for 90
days only. Any PLUS loans applied for after the 90 days will be
subject to an additional credit check
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Other Important
Information
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- If
a parent is denied a Direct Parent PLUS Loan, the student may be
eligible for additional Direct Stafford Loans. Please contact the
Financial Aid Office for more information.
- The
Direct Parent PLUS Loan does not have a grace period. Generally, your
first payment will be due within 60 days after the loan is fully
disbursed (paid out).
- Interest
on Direct Parent PLUS Loans will start accruing at the time of each
disbursement.
- The
U.S. Department of Education charges a loan fee of 4% that will be
deducted proportionately from each disbursement of your Direct Parent
PLUS Loan. However, Direct PLUS Loan borrowers receive an up-front
interest rebate of 1.5%.
- There
are no annual or aggregate borrowing limits for Direct PLUS Loans. You
may borrow up to your cost
of attendance minus any other financial aid your student receives.
- PLUS
Loan funds will first be applied to the student’s school account to pay
tuition, fees and other charges. If any loan funds remain, they will be
sent to the parent borrower, unless the parent authorizes the school to
release the funds to the student.
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