Returning Bluffton University Stafford/PLUS borrowers need to click here.
A parent can borrow a low-interest, Federal Parent Loan for Undergraduate Students (PLUS loan) to help pay for the cost of post-secondary education for a dependent student.
The academic year limit for a PLUS loan is equal to the student’s cost of attendance minus any other financial aid the student receives.
Parents must fill out a separate Master Promissory Note (MPN) for each dependent student for whom they are applying. The PLUS loan is subject to a 3% origination fee when disbursed.
PLUS repayment begins within 60 days after the final disbursement, with a 10-year repayment period. Interest begins accumulating at the time of the first disbursement. All loans disbursed after July 1, 2006, will have a fixed rate of 8.5%. A variable interest rate remains in effect for all prior loans, with the interest rate adjusted each July 1, and with an interest cap of 9%.
It may be possible to postpone repayment of the PLUS loan through deferment/forbearance while your student is in school. For more information about postponement or to see if you qualify, contact Great Lakes Borrower Services Department at 800-236-4300.
For detailed instructions on the PLUS Loan application process view our PLUS step-by-step Loan Guide.
It is recommended that all loan applications be completed by the end of June and no later than mid-August, in order for funds to be available at the beginning of fall semester.
Credit Check:
A PLUS loan may be denied because of adverse credit. Great Lakes will send a notification of the denial to both Bluffton University and to the parent. With a denial the student would then be eligible for additional unsubsidized Stafford loan money but with the limit that a first or second year student can borrow up to $4000 and a third or fourth year student can borrow up to $5000. The Financial Aid Office would contact the student on how to borrow this additional loan money. However, if the parent wishes to clear up the denial because it was based on misinformation in the parent's credit history, or to obtain a credit-worthy endorser for the loan, there would be opportunity to do so.
If you have questions, contact the financial aid office at Bluffton University:
by phone 419-358-3266 or
by email: loans@bluffton.edu
