The PLUS loan program is available to parents at a fixed rate of 7.9% as of July 1, 2010. The parent is the borrower on this loan and a credit check is performed. Repayment begins 60 days after the loan is fully disbursed. The Parent may apply for deferment during the application process as long as the student is enrolled at least half-time. Due to the fact that the loan goes into repayment 60 days after full disbursement all PLUS loan are processed for the full award period, unless we are notified otherwise. The parent will need to apply for this loan every year.
If a parent applicant feels that they might be denied the Direct PLUS loan please complete the PLUS Loan Pre-Approval Form and submit to our office. Do NOT apply online for the PLUS loan. Our fax number is (614) 823-1588. If a parent applicant is credit denied, the student can receive additional Federal Direct Stafford Loan funds in place of the Direct PLUS Loan.