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Federal Direct Parent Loans

 

The Federal Direct PLUS loan is an optional federal loan program for parent(s) who wish to access additional resources beyond what a student is eligible to receive.  This credit-based parent loan option may cover up to the total Cost of Attendance (COA) as defined by Millsaps College, minus student aid.  The interest rate for Direct PLUS loans first disbursed between July 1, 2013 and June 30, 2014 is 6.41%.  Since the Federal Direct PLUS Loan is a federal loan, be aware there are more benefits in a Federal PLUS Loan versus student benefits if they borrow through an alternative (private) loan.

There is a federal origination fee of 4.288% of the principal amount charged for each Direct PLUS Loan that you borrow.

A credit check is required to access this loan program.

An in-school deferment will delay payments on the PLUS loan until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled at least half-time.  Repayment on the PLUS loan begins 60 days after the loan is fully disbursed for an academic year.  To request an in-school deferment, AFTER the initial PLUS loan disbursement, please contact Direct Loan Borrower Services at 1-800-848-0979. Deferment needs to be requested on an ANNUAL basis, and may be requested 14 days after the loan has been disbursed to the student's account. Interest will continue to accrue on this loan during the deferment period. Therefore, we recommend that you make your interest payments during this deferment period if at all possible.

Apply for a Direct PLUS loan in two easy steps:

Note: If parents are determined ineligible to borrow through the Federal Direct PLUS program, Millsaps will automatically award additional Unsubsidized Federal Direct Loan eligibility. First and second year students are eligible for up to an additional $4,000 per year, while third through fifth year students are eligible for up to an additional $5,000 per year.  If a student does not wish to accept all or part of their Unsubsidized Direct Loan, he or she should contact the Office of Financial Aid.

You may access your prior loan information on the National Student Loan Data System (NSLDS) website at: www.nslds.ed.gov. This site contains all of your federal Title IV aid history.