Albion College Federal PLUS Loans

Federal Parent Loan for Undergraduate Students (PLUS)

Current Interest Rate

8.50%

*Rates in effect July 1, 2007-June 30, 2008

(rate history)

This is a non-need based creditworthy loan offered to parents of dependant college students to help families meet the costs of a college education. It is a fixed interest rate loan that is currently capped at 9.0%.

Annual loan limits for the PLUS program are the College's budgeted cost of education less any other financial aid the student has already received. Repayment of both the principle and the interest begin 60 days after the loan has been fully disbursed to the school. The maximum repayment terms for the Federal PLUS Loan program is 10 years. Minimum payment due is based upon the cumulative amounts borrowed during the student's academic career.

Lenders do offer forbearance options to the parents if they wish to defer either the principle or the interest payments, or both, while the student is enrolled. Individual lending agencies must be contacted for further information on this option.

Complete and sign a PLUS Application and Master Promissory Note On-line

Cancellation Policy

A borrower has the right to cancel any portion or the entire amount of a Federal Loan that is applied to their student account if the funds are not needed. The borrower should contact the Financial Aid Office within 60 days of the date of disbursement and provide a written request on the amount and type of loan that they wish to cancel. Cancellation requests should be submitted no later than two weeks before the end of the current semester.

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Contact Us
Albion College Financial Aid Office -- 611 E. Porter St., Albion, MI 49224
517.629.0440 Toll Free 800.858.6770

Albion College ◦ Albion, Michigan ◦ 517/629-1000