St. Cloud State University
Types of Financial Aid - Federal
Parent Loan to Undergraduate Students (PLUS)
If you are a dependent student for financial aid purposes, the PLUS enables your parent(s) to borrow funds to assist you with education-related expenses. The PLUS is not based on need meaning it does not depend on family income or assets.
Parents select a lender, most commonly from a school's lender list; however, parents may chose any lender they wish. The school verifies the parent's loan eligibility based on the cost of attendance, any other financial aid the student has, and the student's enrollment status. The maximum loan amount a parent may borrow is the cost of attendance less any other financial aid the student receives. The PLUS has a fixed interest rate of 8.50%. Repayment begins 60 days after the final disbursement of the loan.
A credit check is required for the PLUS. If you would like to find out if you are pre-approved for the PLUS you may use either of the guarantee agencies - EAC or Great Lakes - for an on-line pre-approval. If a parent is denied a PLUS the student may be eligible for additional unsubsidized Stafford Loan. Please contact our office for more information.
If a student has received notification of his/her on-line financial aid award letter, the parent may apply for a PLUS; we will verify the PLUS eligibility based on the student's enrollment status.
If you have not yet applied for financial aid, please complete the two step application process:
Graduate/professional students are also allowed to borrow under the PLUS. Federal regulations stipulate that a student cannot receive financial aid in excess of the cost of attendance. Therefore, many SCSU graduate students may not be eligible to borrow additional funds under the PLUS program as their total eligibility would have been met under other student loan programs.
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St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
