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Federal Direct Parents Loan for Undergraduate Students (PLUS) and Direct Graduate PLUS Loans
Loan Programs

Federal Direct PLUS Loans are long-term, low-interest loans awarded to graduate students or parents of undergraduate students by SUNY ESF which are funded directly through the federal government.  Direct PLUS funds can be used to supplement other sources of aid to help meet the family contribution portion of the cost of education.  Parents at all income levels are eligible for consideration pending credit approval.

Eligibility for a Federal Direct PLUS Loan

In order to qualify for a Direct PLUS loan, the student for whom the funds are intended must be attending school on at least a half-time basis in an approved program.  Eligibility is also based on the borrower's creditworthiness.  Students whose parents are unable to obtain credit approval for a Direct PLUS loan may qualify for additional funding through the William D. Ford Federal Direct Student Loan program.  Applicants who are denied a Direct PLUS loan based on an adverse credit decision should contact the Office of Financial Aid and Scholarships to request an account review.

Federal Direct PLUS Loan Amounts

The amount available in Federal PLUS Loan funding will vary for each borrower.  The maximum amount of each loan is determined by the SUNY ESF Financial Aid Office based on the student's expected costs and other financial aid amounts.

Federal Direct PLUS Loan Terms and Conditions

Interest Rates
Federal Direct PLUS Loans disbursed on or after July 1, 2006 have a fixed interest rate of 7.90%.

Fees
All Federal Direct PLUS Loans are subject to an origination fee of 4.204%, taken from the value of the loan at the time it is disbursed to the school.  The loan amounts listed on financial aid award notifications represent the gross amount (amount before the fees have been paid).

Repayment
In most cases, regular loan payments begin 60 days after the loan has been fully disbursed for the academic year.  Interest will begin to accrue at the time of the first loan disbursement.  Repayment will initially be scheduled for fixed monthly payments over a 10 year period.

How to Apply for a Federal Direct PLUS Loan

Graduate students or parents of undergraduate students should complete the following steps to apply for a Federal Direct PLUS Loan:

1. Complete the Free Application for Federal Student Aid (FAFSA)
2. Accept the desired loan(s) on the Financial Aid Award Notification Letter

Borrowers accepting a Federal Direct PLUS Loan for the first time at SUNY ESF should also:

1. Complete an online William D. Ford Direct PLUS Loan Master Promissory Note (PLUS MPN).
2. Complete PLUS Loan Supplemental Request Form (PDF).