To help meet the cost of a college
education, you may want to consider a Federal Parent Loan for Undergraduate
Students (PLUS). This federally sponsored, credit based loan, is used by many parents to pay the
out-of-pocket costs paid toward their child’s
education.
Who is
Eligible?
The PLUS
is available to the natural parents, adoptive
parents, and stepparents of dependent students.
PLUS borrowers must be U.S. Citizens or permanent
eligible residents.
How do I
Apply?
In order
for a PLUS borrower to apply for a loan the
student must have completed the Free Application
for Federal Student Aid (FAFSA) submitted all
required paperwork to the schools financial aid
office, and be enrolled in the required credit
hours for loan.
How Much
Can I Borrow?
Once
eligibility has been confirmed, you may borrow up
to the total cost of education at school, less
other aid received.
Is there a
Cost?
An
origination fee of 3% is paid to the Federal
Government to help offset program costs. This fee
is deducted from the loan proceeds.
~CHOOSE A
LENDER CAREFULLY~
Federal guidelines regulate the primary
features of the student loan programs. However, there are differences in the
services that lenders provide, including a variety of repayment options. Please
make sure to only borrow what is absolutely necessary and take the time now to
make the right decision. Provided below are the names of our preferred lenders.
It is not necessary to have a prior relationship with a lender to borrow a PLUS
Loan.
Once you’ve chosen the lender that you
will be applying with for the PLUS Loan, you can click on the “apply now” link
located on that lender's web site. You will then begin the application process.
You will be required to set up a user account (this is required for security
purposes). Once you have created a new account and logged into the web site you
will be able to continue with the PLUS Loan application process. Make sure that
during the completion of the PLUS Loan application you choose the lender of your
choice from the menu provided.
Once you have received notice of
approval, download, print, and complete the Parent PLUS Release and the W-9
forms (links below). Send the completed forms to Scottsdale Community
College, ATTN: Financial Aid Office, 9000 E. Chaparral Rd. ,Scottsdale, AZ
85256.