The Direct PLUS loan often bridges the gap between existing financial aid and the remaining cost of attendance. Direct PLUS loans are available to students who are or will be enrolled at least half-time at an accredited school. The lender will perform a credit check at the time of application. To be approved, the applicant must not have an adverse credit history.
Students apply for these loans annually through the following steps:
- Complete a Free Application for Federal Student Aid (FAFSA) via http://fafsa.gov. Saint Louis University’s federal school code is 002506.
- Submit a “Direct PLUS Loan Request” via http://studentloans.gov. Students must exhaust loans offered through the Direct Unsubsidized Loan program first.
- New borrowers only: Complete a Master Promissory Note(MPN) and Entrance Counseling via http://studentloans.gov.
Direct PLUS Loan
Eligibility: U.S. Citizen, eligible non-citizen. Students with an F1 or F2 student visa or a J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid.
Amounts: Up to the cost of attendance minus other aid
Interest Rate: 7.60% fixed – interest accrues upon disbursement
Repayment: 10-25 years, depending on the total amount borrowed. Click here to use the repayment calculator tool to explore the various options.