The parents or guardians of dependent students enrolled at least half time are eligible to apply for PLUS loans. Parents or guardians applying for the loans must be citizens or residents of the United States, pass a credit check, and not be in default or owe a refund to any student financial assistance program. The yearly limit of a PLUS loan is equal to the cost of attendance minus any other financial aid that the student is awarded. The interest rate is currently fixed at 7.9% and begins to accrue as soon as the loan is disbursed, with repayment beginning within 60 days thereafter. Fees may be deducted from the loan prior to Finlandia receiving the loan. Parents do have the option to defer the payments on the loan while the student is attending school at least half-time. Parents should contact the Office of Financial Aid to inquire about the Direct PLUS application process.
Direct PLUS Loan Application Process