Direct PLUS Loans are low-interest loans for parents of dependent students to help pay for the cost of a student's education. The lender is the U.S. Department of Education, though most of the contact will be with your loan servicer. Students for whom PLUS Loan funds are borrowed must be classified as dependent for financial aid purposes, and the Free Application for Federal Student Aid (FAFSA) must be completed before the loan is certified. To apply for a Direct PLUS Loan please visit www.studentloans.gov. If you prefer a paper application, they are available in the USI Student Financial Assistance Office or you may download the form online at www.usi.edu/finaid/sfaforms.asp. The FAFSA is required each year and recipients must maintain satisfactory academic progress.
Direct PLUS Loans will be certified by USI for the maximum amount for which the borrower is eligible or the amount requested, whichever is less. It is not recommended that you request the maximum amount. Over-borrowing could result in a large unneeded or unwanted refund. Borrow what you need, but only what you need. It never makes sense to run up more debt than you have to. Annual loan limits are adjusted for enrollment status and unmet financial aid budget costs. Both parents may borrow individually but the total of the two loans may not exceed the annual loan limit.