Apply for Federal Direct Parent PLUS Loan
Federal Direct PLUS Loan Application Process:
The maximum amount that parents are allowed to borrow through a Parent PLUS Loan is the total cost of attendance minus all financial aid (including other Federal loans). Please use the Annual Net Cost Planner to determine the amount you will need. The Direct Parent PLUS interest rate for the 2014-2015 academic year is fixed at 7.21% (an additional .25% interest rate reduction is applied to the loan when using auto-debit for repayment). Please remember, an origination fee of 4.292% is automatically deducted from the loan amount. All borrowers, new and returning, will be required to apply through the Direct Loan program. The required steps are outlined below:
If your credit is denied, you have options. For more detailed instructions and information about your options, visit www2.siena.edu/financialaid/plusdenial.
Once steps 1-3 have been completed, your loan funds (loan amount minus loan fees) will be electronically disbursed to your Siena College student account in two installments, at the beginning of each semester.