Parent Loan Information
This loan program offers non-need based loans to assist parents of dependent students. For loans disbursed after July 1, 2021, the interest rate is fixed at 6.28%. The maximum Parent PLUS amount that may be borrowed equals the difference between the cost of attendance and any other financial aid the student is receiving. In no case may the Federal Parent PLUS loan exceed a student's cost of attendance minus estimated financial assistance. These loans are subject to a credit review. Once the online promissory note is completed, Roanoke College will certify the student's expenses.
Are you curious what your loan payments may be? Check out Finaid's loan repayment calculator. You will have the ability to manipulate figures so you can determine just what your payment will be when you enter into repayment. (Loan Repayment Calculator)
Federal Parent PLUS Loan Instructions
If your parent is interested in applying for a Federal PLUS Loan, they must do so through the Department of Education. Once they access the Department's site, they should click on "Apply for Aid" and then "Apply for a Parent PLUS Loan". Parent's will need to log in to start with their FSA ID and password in order to complete and submit federal student loan processes. Your parent will receive notification from the Department of Education within 24 hours as to the status of their request. For more information about the terms and conditions of this loan, please visit the Department of Education's site.
National Student Loan Database System (NSLDS)
All Title IV, HEA Loans (Federal Direct Subsidized/Unsubsidized Loans, Federal Perkins Loan, Federal PLUS Loan) will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. It is important for all potential students, students or parents of students to recognize this and be aware that their loan information may be shared. Borrowers are encouraged to monitor their loan indebtedness by checking their account regularly. Loan servicing information is also available by accessing this site.