This loan is an alternative funding source for parents who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow a PLUS Loan.

Parents (natural, adoptive or legal guardians) may borrow up to the cost of education minus other aid for each dependent undergraduate student who is enrolled at least half-time. This loan is made by a bank, savings and loan association, credit union or other lender and is insured by a state guarantee agency.

The interest rate on PLUS loans after July 1, 2006 is fixed at 8.5%. Interest accrues from the date of disbursement. The Federal government does not pay the interest on PLUS loans while the student is enrolled in school.

Repayment of principal and interest begins within 60 days after the date of disbursement although principal payments may be deferred under certain circumstances. Interest continues to accrue and must be paid during periods of deferment or forbearance. Lenders also have options regarding repayment methods.

The PLUS loan borrower (or the cosigner if required) must be determined credit worthy by the lender.

New:  The Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715) has some special provisions for PLUS loan borrowers:

Beginning July 1, 2008, parents may choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half-time.  Accruing interest could either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.

The bill also allows lenders to consider parents for PLUS loans even if, during the period January 1, 2007 through December 31, 2009, the parents are or were:

• No more than 180 days delinquent on a mortgage payment on their primary residence
• No more than 180 days delinquent on any medical bill payments
• No more than 89 days delinquency on the repayment of "any other debt"

This loan is an alternative funding source for graduate/professional students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow a GradPLUS Loan.

Graduate/Professional students who are enrolled at least half-time may borrow up to the cost of education minus other aid.  This loan is made by a bank, savings and loan association, credit union or other lender and is insured by a state guarantee agency.

The interest rate on GradPLUS loans is fixed at 8.5%. Interest accrues from the date of disbursement. The Federal government does not pay the interest on GradPLUS loans while the student is enrolled in school.

Repayment of principal and interest begins within 60 days after the date of disbursement although principal payments may be deferred under certain circumstances. Interest continues to accrue and must be paid during periods of deferment or forbearance. Lenders also have options regarding repayment methods.

The GradPLUS loan borrower (or the cosigner if required) must be determined credit worthy by the lender.

This is a loan for Minnesota residents.  Interest payments are required while the student is in school.  The interest rate is variable and a co-signer is required. The minimum loan processed is $500.  More detailed information can be found at: www.ohe.state.mn.us/self/self.cfm.  Applications are also available at the Student Financial Aid Office. 

If the student does not have a current FAFSA on file, a  Supplemental Application must be completed in addition to the loan application.

2007 - 2008 Supplemental Application

2008 - 2009 Supplemental Application

SELF loans cannot exceed the student's cost of attendance or the following annual loan limits (beginning July 1, 2007):

• Undergraduate:      $7,500
• Graduate:              $9,000

This is a loan for North Dakota residents.  The applicant must be attending a ND post-secondary institution, have been in attendance for at least four semesters OR have acquired 48 semester hours of credit, and have maintained at least a 2.5 GPA.

Principal and interest repayment begins one year after the student graduates or leaves school and the interest rate is 6%.

The deadline for application is June 15th of each year.   An application may be obtained from the Student Financial Aid Office or by writing to:  Gabriel J. Brown Trust, 112 Avenue E West, Bismarck, ND 58501.

CANADIAN HIGHER EDUCATION LOAN PROGRAM (CanHELP)

The borrower must be a Canadian citizen and is open to undergraduate and graduate students.  The minimum loan is US$2000 and the interest rate is variable.  1-888-296-4332 or www.iefc.com.