Federal Parent PLUS Loan Program

Click here to print a promissory note

Click here for a PLUS Loan Request Form

The Federal Parent Loan for Undergraduate Students (PLUS) is a low interest loan made to parents or legal guardians of dependent undergraduate students attending school on at least a half-time basis. Eligibility is not based on demonstrated financial need. The amount the parent may borrow under the Federal PLUS Loan Program will depend on the financial aid award established by the institution the student is attending. This loan may not exceed the student's cost of attendance minus other financial aid, but it can be used to replace the "expected family contribution" (EFC). Credit checks are performed on borrowers of Federal PLUS Loans.

Federal PLUS Loan disbursements are sent directly to the financial aid office in at least two equal payments. These funds may be forwarded to the school either by electronic funds transfer (EFT) or by individual check.

The Federal PLUS Loan Program interest rate is variable, is adjusted annually, and cannot exceed 8.5%.
The Federal PLUS Loan Program Guarantee and Origination fees are the same as the Federal Stafford Loan Program.
The first payment is due no later than 60 days after the date the loan is fully disbursed. Under certain conditions, borrowers may request a deferment of principal and interest. Interest accrues during deferment periods. Contact the lender to learn more about repayment options.
To apply for a Parent Loan for Undergraduate Students, print both the Federal PLUS Loan Application and Promissory Note (MPN) and the PLUS Loan Request Form from the links at the top of this page; read and complete the forms; and mail the PLUS MPN (first page only—be sure to keep a copy for your records) and PLUS Request Form to the UAM Financial Aid Office, P O Box 3470, Monticello, AR 71656, for school certification. Please note that the student must have completed a Free Application for Federal Student Aid (FAFSA), listing UAM as a school to receive the data, and the student must be eligible to receive federal aid. Refer to the UAM Preferred Lender List , or select the Federal PLUS Loan-participating lender of your choice by entering complete lender information on the application.

Return of Title IV - Students who receive Title IV aid and do not complete at least 60% of the semester for which they are enrolled may be required to return a portion of the Federal funds received. Title IV aid includes, but is not limited to, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), Academic Competitiveness Grants (ACG), National Science & Mathematics Access to Retain Talent (SMART) Grants, Perkins Loans, and Stafford Loans. In most cases, the withdrawal date for students who officially withdraw will be the actual date of withdrawal as determined by the Registrar’s Office. Students who cease attending without officially withdrawing are considered “unofficial withdrawals.” The midpoint of the semester (or in some cases, the last date of attendance) will be used in determining the amount of aid to be returned for unofficial withdrawals.

Withdrawing from the University, either officially or unofficially, may require that you return a substantial amount of the Title IV funds that you received. If you should have to withdraw at any point, contact the Financial Aid Office.

PLEASE NOTE:

Receipt of additional financial assistance such as scholarships, grants-in-aid, or vocational rehabilitation grants may change eligibility for awards that have already been processed. Federal Stafford Loans, Federal Supplemental Educational Opportunity Grants (SEOG), Academic Competitiveness Grants (ACG), National Science & Mathematics Access to Retain Talent (SMART) Grants, and/or Federal Perkins Loans may be decreased or canceled if the student receives additional assistance. IT IS YOUR RESPONSIBILITY TO KEEP THE FINANCIAL AID OFFICE INFORMED OF ALL ASSISTANCE YOU WILL BE RECEIVING.