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PLUS Loans
There are two different types of PLUS Loans:
- Parent PLUS Loans
- PLUS Loans for Graduate or Professional
students
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| Who can apply? |
Student's mother/step-mother or
father/step-father.
(Grandparents and legal guardians are not
considered parents and should not apply for
this loan.) |
| Eligibility: |
Be a U.S. citizen or eligible
non-citizen.
Not be in default on a federal student
loan.
No owe a refund on a federal education
grant.
Applicant must not have an adverse credit
history. |
| Terms and conditions: |
Repayment period begins within
60 days of the loan's last disbursement.
Up to 10 years to repay the loan.
Fixed interest rate of 8.5% Origination
and insurance fees of up to 4% may be deducted
from each disbursement. |
| How to apply: |
UH Manoa requires
students to complete a FAFSA
application. (This allows the office to
offer any grants or other need-based awards to
qualified applicants.) Complete a Parent PLUS Loan Master Promissory
Note directly with your lender. (Your parent is responsible for choosing their
lender. A lender
options page has been provided. For
more info, see Parent
Plus lender process) |
| Loan limit: |
student's cost of attendance
- financial aid awarded
maximum PLUS Loan amount
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PLUS
Loan for Graduate/Professional Students (Grad
PLUS)
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| Who can apply? |
Graduate or professional
students. |
| Eligibility: |
Be enrolled at least half-time
in an eligible graduate or professional degree
seeking program.
Be a U.S. citizen or an eligible
non-citizen and have a valid Social Security
number.
Not be in default on a federal student
loan.
Complete a FAFSA application
Apply for the maximum loan eligibility in
federal Stafford loans. |
| Features: |
Fixed interest rate of 8.5%
Origination fee of up to 3% and a federal
default fee of up to 1%.
Interest begins to accrue immediately upon
disbursement.
Borrower begins repayment within 60 days of
their last disbursement.
In-school deferments are available for
students who are enrolled at least half time
in a degree seeking program. |
| How to apply: |
Complete a FAFSA application. Complete a Grad PLUS Loan Master Promissory
Note directly with your lender. (A lender
options page has been provided.)
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| Credit Eligibility: |
You cannot:
- have any debts that are delinquent 90
days or more, or
- have any defaulted loans, outstanding
tax liens, unpaid judgments, or any
bankruptcy, foreclosure or wage
garnishment within the past 5 years.
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| Loan limit: |
student's cost of attendance
- financial aid awarded
maximum Grad PLUS Loan amount
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