PLUS Loan

Campus Door Alternative Undergraduate Loan

• Parent or guardian takes out the loan and is responsible for repayment. 

• Student takes out the loan and is responsible for repayment (or parents can get a sponsor loan).

• Repayment begins 60 days after disbursement. 

• Repayment is deferred for up to 12 months after the student graduates.

• Some schools may require a FAFSA.

• No FAFSA required.

• Borrower is a citizen or eligible non-citizen, and must be the parent, step-parent or guardian of a dependent student enrolled at least half the time.

• Borrower is a U.S. citizen or eligible non-citizen, and is a student at least 18 years of age (19 in Nebraska) enrolled at least half time.

• Loan fees may be up to 4 percent and can be added to loan amount.

• Loan fee is 0 to 7 percent and can be added to loan amount.

Discounts

• Direct Debit Discount

• Reduce your loan interest rate 0.25 percent by having loan payments automatically deducted from your bank account.

• On-Time Payment Discount

• Your loan interest rate may be reduced by 0.25 percent after you make 48 on-time monthly payments.

Options

• Cosigner Release Option

• If you have a loan cosigner, you can opt to have the cosigner released from loan obligations after
  you make 48 on-time monthly payments.

• Penalty-Free Prepayment Option

• There is no penalty for prepayment