How to Apply

• Complete the Parent Loan Data Sheet (Valpo's initial application)

then

• Complete the Electronic Master Promissory Note

Description

• A non-need-based federal loan program administered by Valparaiso University; FAFSA is not required.

Borrower

• Parent of a dependent undergraduate student

Eligibility Criteria

Borrower is:

• US Citizens or eligible non-citizens.
• Not in default on prior educational loans.
• Meets federally defined credit worthiness standards.
• (Student is) making satisfactory academic progress.

Credit Worthiness Standards

To meet the credit worthiness requirements, an applicant cannot be:

• 90 days or more delinquent on the repayment of any debt
• the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the last five years.

Annual Loan Limits

Cost of attendance less other aid

Fees

A 4.0 percent Loan Fee is deducted from the Federal PLUS loan before it is credited toward the charges. However, 1.5 percent of the fee is immediately refunded back in the form of an interest rebate. The net effect of this rebate is that you will receive the loan amount requested less 2.5 percent. If the first twelve required monthly payments are not made on time, the rebate amount will be added back to the loan.

Interest Rate

• Fixed rate at 7.9%

Interest Subsidy

• No federal interest subsidy; Interest begins to accrue after first disbursement.

Repayment Terms

• Payment of principal and interest begins 60 days after the final disbursement.
• (For loans first disbursed after July 1, 2008) You can apply for an in-school deferment as long as your student is enrolled at least 1/2 time.*
• 30 year maximum repayment period

*Deferment Request Process

• More information