Criteria: Available to parents with good credit histories to pay the educational costs of their dependent students enrolled at least half time and meeting the Satisfactory Progress Policy requirements.
Amount: Variable up to cost of attendance.
Interest: Fixed at 7.9 percent.
Repayment:
Standard—principal begins 60 days after the final loan disbursement.
Deferred—principal begins 6 months after the student graduates, leaves school, or drops below half-time enrollment. Accruing interest could either be paid monthly, quarterly, or be capitalized quarterly.
Other: Obtain application from the Financial Aid Office or print one from information below.
More Information
Michigan Technological University participates in the William D. Ford Direct PLUS Loan Program. This program allows a parent of a dependent, undergraduate student to borrow directly from the U.S. Department of Education, through Michigan Tech.
To apply for a Direct PLUS Loan a completed application from a parent must be returned to Michigan Tech's Financial Aid Office. A separate application is required for each student for whom monies are being requested.
After the Financial Aid Office has verified the receipt of the student's Direct Loan Request Form and eligibility of loan amount, the application data will be submitted electronically. Upon receiving notification of credit approval, a promissory note may need to be completed. The Financial Aid Office will notify the parent, according to the preference indicated on the application, that the promissory note is available. A Disclosure Statement will be provided indicating disbursement date(s) and repayment information. The interest rate is fixed at 7.9%.
For additional information, please visit the Department of Education's website and click on the Direct PLUS Loan Guide.