Named one of “America’s Best Colleges” by U.S News & World Report

The following regulations apply:
1. Depending on the amount of the loan, the minimum monthly payment
will be $50 plus interest. Under unusual and extenuating circumstances,
the loan servicer may be able to offer an alternative plan.
2. Repayment periods are typically 10 years.
3. Repayment in whole or part may be made at any time without penalty.
The amount of each payment depends upon the size of the student‘s debt. The
student should ask the Financial Aid Office what the approximate monthly payments
will be prior to processing the Federal Direct Loan promissory note.
If the student fails to repay a loan, it will go into default. If a student defaults, the
federal government can sue the student to collect the loan, and the student may be
required to repay the entire amount immediately.
Credit bureaus will be notified of the student‘s default and this will affect his or her
future credit rating. Also, the Internal Revenue Service may withhold the student‘s
federal income tax refund and apply it toward the loan. The Federal Government may
also garnish the student‘s wages.
Typical Repayment Plan
Total Loan Amount Monthly Payment Total Repaid
$3,500 50 $4,471
$5,500 63 $7,595
$7,500 86 $10,357
$10,500 121 $14,500
$15,000 173 $20,714
The student will be required to complete an electronic Master Promissory Note
and Entrance Counseling session at http://www.studentloans.gov prior to their Direct
Loan funds being disbursed to the College. When the student ceases to be enrolled at
least half time at the College, he/she will be required to complete an Exit Counseling
session at www.nslds.ed.gov/nslds_SA/ to review rights and responsibilities and
repayment information.
William D. Ford Direct Parent Loan for Undergraduate Students (PLUS)
The Direct PLUS Loan Program is for parents of dependent undergraduate
students who wish to borrow funds to meet the student‘s postsecondary educational
costs. Parents may borrow up to the full cost, less any financial aid, per year. The
interest rate is 7.9 percent. Repayment begins 60 days after the last disbursement of the
loan proceeds for that year or may be deferred until the student leaves school. All
Federal Direct PLUS Loan applications are subject to a credit check by the Federal
Direct Loan Servicing Center for approval.
The application and Master Promissory Note are available at
www.studentloans.gov. A parent without Internet access may call the Financial Aid
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