PARENT PLUS

Parents of undergraduate students may borrow a Parent Loan for Undergraduate Students (PLUS) to help cover educational expenses their student may incur while attending college. The current interest rate for PLUS loans is fixed at 8.5%. Parents can borrow up to the Cost of Attendance less any other financial aid (the total of all grants, scholarships and other loans) awarded to the student. Parents may continue to borrow each year, but must reapply and complete a new credit check annually. Parent PLUS loans typically go into repayment 60 days after the loan fully disburses; however, parents may also opt to defer payments for up to four years while their student is enrolled at least half-time.  Please note, interest will accrue and capitalize if you choose to defer payments. For more information on deferring payments, parents should contact Great Lakes and complete the required forbearance paperwork.

In order to apply for the Parent Loan for Undergraduate Students you must complete the following steps:

1. Review the on-line lender list.
2. Select a lender and click “Apply Now” or click on “My Lender is Not Listed” at the bottom of the page (Note: If you selected “My Lender is Not Listed” you need to obtain the six digit lender code from your lender).
3. Complete a credit check on-line through Great Lakes. If approved, you will need to complete an on-line Master Promissory Note (MPN). Should the credit check be denied, please contact the JCU Office of Financial Aid to review additional borrowing options.
4. Sign for your loan. When completing the on-line MPN you will be given the option of signing electronically using your (parent) Federal PIN from filing your FAFSA. If you do not remember your Federal PIN, you can obtain it at www.pin.ed.gov . Other signing options include printing a paper MPN, signing it and mailing it to:

Great Lakes Educational Loan Services, Inc.
4689 Hilton Corp. Dr., Columbus, OH 43232-4152