The Parental Loan for Undergraduate Students (PLUS loan) is a low-interest educational loan available to parents. Federal PLUS loans enable parents with good credit histories to borrow money to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time (minimum six credits). To apply for a PLUS Loan, students must have completed the FAFSA application and received a current award letter from NTC.   

• Available to parents of undergraduate dependent students at a low interest rate in addition to the Federal Stafford Student Loan maximums.
• The PLUS loan interest rate is 8.50% for loans disbursed on or after July 1, 2006. (Note: This is a fixed interest rate.)
• Repayment begins within 60 days of disbursement of the loan proceeds.
• Loan may not exceed the cost of education less other financial aid received.

How much can my parents borrow?
The yearly limit on PLUS Loans is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to, but no more than, $2,000.

If you are concerned about applying online, remember that you have the right to file your Federal PLUS Master Promissory Note (MPN) using a paper form. Contact the Financial Aid Office at Northcentral Technical College for details.