General Information

What is the PLUS loan?

The PLUS loan is a federal loan in which the parent is the borrower. It is a fixed interest rate of 8.5% with a 4% origination fee. (For example: a loan of $10,000 will disburse to the student’s account as $9,600).

How does an approval or denial affect my financial aid?

PLUS loans are approved or denied based on the creditworthiness of borrower.
If your parent is approved for the PLUS loan, he/she will need to sign the PLUS loan Master Promissory Note (MPN). La Salle will then send certification to your lender to complete the process.

If your parent is not approved for the PLUS loan, he/she has the right to ask the lender for a second review of the credit score. The lender will suggest to your parent how the credit score might be raised.

Also, if your parent is not approved for a PLUS loan, you might be eligible for additional unsubsidized Stafford loan funds. Notify Student Financial Services of the PLUS denial and the amount of additional unsubsidized Stafford funds that you wish to borrow (freshmen and sophomores are eligible for up to an additional $4000; while juniors and seniors are eligible for up to an additional $5000).

Remember, all loans are certified for the full year – both fall and spring semesters. Loans are not processed for one term only.

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We love questions. E-mail us at finserv@lasalle.edu.