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A student studies outside Echlin Center where undergraduate admissions is housed

Undergraduate Types of Aid

Parent PLUS Loan

Loan | Various Amounts | U.S. Department of Education

Parent PLUS Loans are available to creditworthy parents of dependent, undergraduate students and can be processed for up to the cost of attendance minus any financial aid the student is receiving.

Parents choosing to borrow through the government’s Federal Direct PLUS loan program, can apply on the studentaid.gov website. Repayment begins 60 days after the loan is fully disbursed, unless the borrower chooses the deferment option on the PLUS loan application. 

The Parent PLUS loan has a fixed interest rate determined each academic year by the federal government and published on the studentaid.gov website. The Parent PLUS loan has a 4.228% origination fee; borrowers should be sure to include that cost in the amount they are borrowing.

Learn more about the Parent PLUS loan on studentaid.gov

How to Calculate Your Loan Application Amount

When applying for the amount needed, borrowers should take into account the origination fee when calculating the gross amount of the loan proceeds.

The formula to calculate the amount needed to borrow prior to the deduction of the origination fee is as follows:

[Amount needed] ÷ (divided by) [0.95772] = Gross loan amount to be borrowed/applied for

For example, if a parent needed to borrow a PLUS loan to cover $10,000 in annual expenses, he/she would need to apply for $10,441 to allow for the deduction of the origination fee. The formula would be:

$10,000 ÷ 0.95772 = $10,441 (gross amount to be borrowed)

The lender would then deduct the 4.228% origination fee ($441) on the $10,441 borrowed, which would yield a $10,000 net loan disbursement equal to the loan amount needed.

Application Process

To apply for a Federal Direct PLUS loan, you must:

  1. Complete a FAFSA
  2. Complete a PLUS loan application and credit check:
  • Log in to studentaid.gov and click on the "sign in" icon in the upper left-hand section of the website
  • Once logged in, select "Apply for a Direct Plus Loan" from the home page.
  • New borrowers have an additional step of completing a master promissory note, which will be valid for up to 10 years.

Once completed, our office will be notified of the results and your loan will be scheduled for school certification.

Learn more about PLUS loans

Entrance Counseling and Master Promissory Note (MPN)

If you will be attending Quinnipiac’s undergraduate programs and are a first-time borrower of federal loans, you are required to complete Entrance Loan Counseling and the Loan Agreement Master Promissory Note (MPN) for your Direct Subsidized/Unsubsidized loan before funds can be disbursed to the university.

Learn More About Entrance Counseling

 

Exit Counseling

Students are required to complete an online Exit Counseling session if they drop below half-time enrollment, graduate or leave school.

Learn More About Exit Counseling

 

Considering Your Loan Options

Effective July 1, 2010, all colleges and universities are required to process Federal Direct Student Loans and PLUS Loans through the government’s Federal Direct Loan Program. Private lenders no longer participate in the federal loan programs.

Students are strongly encouraged to exhaust all of their grant, scholarship and federal loan options before considering private loans due to the favorable terms and conditions offered through the federal programs. Traditionally, private loans require the student to obtain a credit-worthy cosigner in order to secure the loan. A credit score is used as a tool to determine eligibility, interest rate offerings, and terms of repayment for private loans.

The Office of Financial Aid does not recommend lender lists for students or parents inquiring about private educational loans, however, we do guide families toward an educational lending website provided by ELMSelect, a non-profit organization that provides a free, unbiased comparison tool for private educational loans. We also suggest that you pay attention to your home state’s loan programs, which can often provide favorable terms, conditions, fees and interest rates on student and parent loans. Visit ELMSelect

Learn more about loan options

Federal Loan Consolidation

Consolidating student loans is similar to refinancing, which allows a student to combine his or her federal loans (not private loans) into one big loan, usually extending the repayment period beyond the 10-year maximum. Depending on the loan amount, the new loan terms can go from 12–30 years. Although a student's minimum monthly payment can be significantly reduced, it is important to note that in most cases, this will result in additional interest being paid over the life of the loan.

Learn More About Consolidating Loans

 

Learn More About Financial Aid