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Federal Parent Plus

PLUS Loans enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. Students who wish to apply for a PLUS loan are required by Delta State University to complete the Free application for Federal Student Aid each year.

To be eligible for a PLUS loan, your parents will be required to pass a credit check. They must not be in default or owe a refund to any student financial assistance program. The interest rate for PLUS loans is variable, but will never exceed 9%. The interest rate is adjusted each year on July 1. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full.

Generally, repayment begins within 60 days after the final loan disbursement for the period of enrollment for which your parents borrowed. There is no grace period for these loans. This means that interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while you are in school.

Steps to apply for a PLUS loan

The PLUS loan is available to parents of dependent students.  Interest and repayment of this loan begin immediately. Your parent will make monthly payments to the lender.
This loan has a variable interest rate of up to 9%.  If you would like to apply for a Parent PLUS loan, you and your parent must do the following:

1. Review the list of lenders below and determine what lender you would like to use.

2. Visit the web site for your lender and complete the on-line PLUS loan pre-approval process. 
    (Parents are required to provide information for a credit check)

3. If your parent is APPROVED, submit a copy of the approval n otice to the financial aid office.  A PLUS loan application will be certified by the school and forwarded to your lender. Loan funds will sent to Delta State when school begins.

4. If your parent is NOT APPROVED, submit a copy of the denial notice to the financial aid     office.  Financial Aid counselors will determine if you are eligible for other financial aid funds.

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