Financial Aid
Federal Parent Loan for Undergraduate Students (PLUS)
What is a PLUS Loan?
A PLUS loan is a credit-based loan that parents of a dependent, degree seeking undergraduate student can apply for. Parents can borrow up to the cost of education, minus the financial aid already received. The PLUS loan has a fixed 7.9% interest rate. Interest accrues while the student is in school. The loan has a 4.0% origination fee and a possible 1.5% rebate subtracted from the amount you request.
How do I apply for a PLUS Loan?
- Complete the FAFSA
WCTC students must file the FAFSA to determine grant eligibility prior to the parent applying for the Parent PLUS loan. Students should also apply for the lower-interest Direct Loan before a parent applies for a Parent PLUS loan. - Complete the WCTC PLUS loan application
Please download the WCTC Parent PLUS Loan Application and mail it or fax to the WCTC Financial Aid Department. - Complete the PLUS Loan Master Promissory Note (MPN)
The Parent PLUS Loan Master Promissory Note is a legally binding document agreeing to repay the Parent PLUS loan. You may sign the MPN electronically with your US Department of Education PIN number, or you can print it off and mail it.
Repayment Information
The PLUS loan goes into repayment 60 days after it is fully disbursed for the year but parents can make arrangements to make interest only payments while the student is in school. Parents can even make arrangements to defer all payments until after the student graduates by requesting a forbearance from the loan servicer yearly.