• Especially For:
• FUTURE STUDENTS
• ALUMNI
• PARENTS
• FRIENDS
• EMPLOYERS

• 
• 2008-2009 Scholarship and Discount Information
• Award Estimator
• Costs for 2008-2009
• Federal Financial Aid Information
• Financial Aid blog
• Financial Aid Links and Forms
• Graduate Student Financial Aid
• Independent 529 Plan
• Loans
• Perkins Loan
• Stafford Loans
• PLUS Loans
• Alternative Student Loans
• Payment Options
• Reasons for Different Aid at Other Schools
• Scholarship and Financial Aid Process
• Sources for Other Scholarships
• State Financial Aid Information
• University Financial Policies

PLUS Loan Links

The Parent Loan for Undergraduate Students (PLUS) is a loan available to the parents of a dependent student. A parent may borrow to cover the cost of a college education on behalf of a child regardless of the family’s income.

• Parents may borrow up to the full cost of their dependent’s cost of education, less the amount of any financial aid received.
• To apply for a PLUS loan, you will need to choose a lender and submit an online application at the lender's website. Many parents typically use one of the lenders linked below for faster, more efficient service.
• The PLUS loan has a fixed interest rate at 8.5%.
• Repayment begins 60 days after the loan is fully disbursed and the minimum payment is $50 per month. You have up to 10 years to repay.
• There will be a 3% origination and 1% default fee automatically deducted from the disbursements.
• The parent is responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it is paid in full.
• If you have had a PLUS loan in the past, we recommend that you continue to borrow from the same lender.

• You must be a creditworthy borrower.

HELPFUL HINT: The first monthly payment on your PLUS loan (for a fall/spring student) is not due until February. This gives you five to six months in which you could save the amount of the PLUS loan to apply toward future years, thereby reducing the amount you would need to borrow in future years.

Although the PLUS interest rate is set by the federal government, most lenders typically offer principle reductions or interest rate reductions for auto debit payments, on-time payments, etc...  To aid you in your selection, we have listed the repayment benefits offered by OC's preferred lenders for the 2008-2009 school year.

After you have completed your PLUS loan application, OC will be notified of the status of your PLUS loan.  If (and only if) your PLUS loan is denied, OC will be authorized by federal law to offer your student an additional $4000 (for freshmen or sophomores)  or $5000 (for juniors and seniors) unsubsidized Stafford loan.

To aid you in your selection of a lender, OC has compiled a list of lenders based on their customer service, student loan benefits, and their code of conduct.  However, you are free to use any lender of your choice.  To view a list of OC's preferred lenders, please click the following link.

PLUS LOAN Lending List