Federal Direct PLUS
For: Offered through the Federal Direct loan program to all parents of undergraduate students regardless of income. Qualification is based solely on good credit. There are no debt-to-income ratio guidelines or employment verification requirements.
Loan Amounts: Parents may borrow up to the total education cost for the year, minus any other financial aid that the student is receiving. The total education cost can include tuition and fees, room and board, books, supplies, transportation, and living allowance.
Interest Rate: Interest Rate: Fixed at 7.9 percent
Initial Offer: The Parent PLUS loan can be included on an initial financial aid award offer to undergraduate students. The award must be accepted.
Applying: Effective with the 2011-12 award year, a student FAFSA must be completed before a Parent PLUS Loan can be processed. The Parent PLUS application and Master Promissory Note (MPN) are completed at www.studentloans.gov. The parent will be notified of the PLUS loan credit decision.
Disbursement: Parent PLUS Funds are disbursed in equal disbursements for each semester in the loan period by the Department of Education to Santa Fe University who then credits the funds to the student tuition account. A fee of up to 4% may be deducted from each disbursement before it is issued to the institution.
Repayment: PLUS loan repayment normally begins within 60 days after the loan has been fully disbursed but may be deferred as long as the student remains in college at least half-time.
Financial aid staff are available to help you. Email sfs@santafeuniversity.edu or call toll free (877) 397-7502.
Resources
Santa Fe University expects its financial aid professionals to always maintain exemplary standards of professional conduct in all aspects of carrying out their responsibilities. Read the Santa Fe University of Art and Design Financial Aid Code of Conduct.
