DIRECT PLUS LOAN
|Annual Limit||Borrow up to the cost of attendance less other aid (including maximum Direct)|
|Aggregate Limits||No aggregate limit|
|Interest Rate||7.21% fixed rate|
|Fees||origination fee of 4.288%|
Begins 60 days after last disbursement of loan; students with enrollment status of at least half-time will be eligible for a continuing education deferment of repayment.
Same as Direct Loan
Twice per loan period (once in the fall and once in the spring). All funds will be applied directly to your student account to cover any University charges. If the amount of your loan disbursement exceeds your charges, you will be issued a refund (via Direct Deposit or paper check) for the difference which you can then use to cover your living expenses.
|June 15 or as soon after notification from the SFS Loan Office in order to receive credit on the fall bill.|
Preliminary Steps For Entering Students
Step 1: Create a Penn Key and Password
Step 2: Set up Direct Deposit
Refer to the directions on the Orientation Tab of the Accepted student website for instructions.
DIRECT PLUS Loan Process For FIRST TIME AND CONTINUING BORROWERS
If you need funds beyond the Direct Loan maximum, apply for the Direct Plus loan.
Step 1: File a 2014-15 FAFSA
Step 2: Login to https://studentloans.gov/myDirectLoan/index.action - your FAFSA pin is required
Step 3: Request a Direct PLUS Loan
Step 4: Complete a Direct PLUS Mater Promissory Note
Page Updated: 03-Jun-2014