About Parent PLUS Loan
The Parent PLUS Loan is a loan for parents of dependent undergraduate students. This loan supplements the Federal Stafford Loan Program, helping pay the cost of post-secondary education. For more information, refer to the Student Loan Fact Sheet.
Interest for a Parent PLUS Loan is incurred and repayment begins 60 days after the loan has been fully disbursed, but you may be eligible to delay payments annually while your son or daughter is in school.
Contact Great Lakes Higher Education Corporation (GLHEC) at 1-800-377-9095 to make arrangements to utilize "forbearance" which defers payments. Forbearance can be requested and granted each year until the student leaves school or graduates.
Repayment is 10 years with a fixed interest rate of 8.5% (as of 7/1/06).
Loan checks will be made co-payable to the borrower and Capital University. The checks will be sent directly to Capital.
Federal PLUS funds may be disbursed in the form of Electronic Funds Transfer (EFT) which are also sent directly to the university.
A check of the borrower's credit history is required.
If Your Parent PLUS Loan is Approved
If your Parent PLUS Loan is approved, Great Lakes Higher Education Corporation (GLHEC) will notify Capital University of this approval and we will certify eligibility for this loan (usually within 2-4 weeks).
Sign Your PLUS Promissory Note
You must sign a PLUS Promissory Note before your loan funds are disbursed. GLHEC will send your PLUS Promissory Note directly to you for completion and signatures. You must return the Promissory Note to GLHEC offices.
Or you can sign your Promissory Note online after your Federal PLUS Loan has been pre-approved. You must have your Federal PIN to sign the Promissory Note online.
If Your PLUS Loan is Denied
If your Parent PLUS Loan is denied, Great Lakes Higher Education Corporation (GLHEC) will notify us of this denial.
If your son or daughter is interested in obtaining additional loan assistance through the Federal Unsubsidized Independent Stafford Loan, he or she should contact Capital's Financial Aid Office. Depending on class rank, students denied PLUS Loans are eligible for up to an additional $5000 for the academic year.
Applying for a Parent PLUS Loan
PLUS Loan Qualifications
In order to receive a Parent PLUS Loan for your son or daughter attending Capital University, you must be able to answer "yes" to the following statements:
My son or daughter has been admitted or is currently attending Capital University.
My son or daughter has applied for federal financial aid through the FAFSA form and Capital University has received the results.
- Capital University Financial Aid Office has reviewed my son or daughter's financial aid application and a financial aid award has been sent to you for the academic year
Any FAFSA Verification requested by Capital has been completed prior to requesting a PLUS Loan. Parents are eligible to borrow up to the total annual cost of attendance minus any financial aid the student is eligible to receive.
- I understand that if my Parent PLUS Loan application is approved, and my PLUS Promissory Note has been completed and signed, the proceeds will be disbursed to my son or daughter's account at Capital University.
Once you meet all of the conditions mentioned above, you can apply for a Parent PLUS Loan with Great Lakes Higher Education Assistance Corporation (GLHEC).
Recommended PLUS Loan Lenders
Visit FASTChoice for a list of recommended PLUS Loan Lenders.