In order to aid in the timely processing of PLUS loan applications for Fall 2020 disbursement, please complete all portions of the PLUS loan process on StudentAid.gov prior to July 27, 2020. This includes the application with credit check, the Master Promissory Note (MPN), as well as endorser addendum and/or credit counseling, if necessary. Any PLUS loans which are not complete (lacking any of the necessary aforementioned components) before or by July 27 may be subject to processing delay, and may not be applied to the student's UNLV account before the Fall 2020 tuition bill is due. We ask that you plan accordingly.
Requirements
To qualify you must be one of the following:
- A U.S. citizen
- A U.S. national
- A U.S. permanent resident
- A citizen of the Freely Associated States: the Federated State of Micronesia and the Republics of Palau and the Marshall Islands
- An eligible noncitizen
Students must be enrolled at least half time to be considered for this loan. The Department of Education's Direct Loan Servicing Center is the holder of this loan when a student goes into repayment.
Interest, Repayment, and Loan Origination Fee
While the student is attending school, the interest accumulates on this loan. The student must either pay the interest on this loan quarterly to the Direct Loan Servicing Center or you let the interest accumulate and capitalize. Capitalized interest makes the loan payback more expensive over time.
No payment on the principal balance of the loan is necessary so long as the student remains at least half-time status (five or more hours for graduate students).
The interest rate is fixed at 7.595% for Direct PLUS Loans first disbursed on or after July 1, 2018, and before July 1, 2019. For loans first disbursed on or after July 1, 2019, and before July 1, 2020, the interest rate is fixed at 7.079%. Yearly loan amounts the student may borrow depend on the student's program and credit hours enrolled per semester.
There is a 4.248% loan origination fee associated with this loan. The fee will be proportionally deducted from each loan disbursement.
How To Complete PLUS Counseling If Required
- Log in to StudentLoans.gov using your FSA ID.
- Select "Complete Counseling" on the left hand navigation bar
- Select "PLUS Counseling" under "Choose Counseling Type"
OR
- Select "Getting Loans" from the top navigation bar on the StudentLoans.gov home page and then "Counseling Demo." Select "PLUS Counseling" under "Choose Counseling Type."
- You must log in to officially complete the counseling session. (option 1 above)
Once logged in, you will be able to:
- Complete PLUS Counseling
- See your federal student loan information available in the National Student Loan Data System (NSLDS)
- View proof of counseling completion
Re-application
Once you sign and complete a master promissory note (MPN) online with the U.S. Department of Education,you do not need to complete another MPN as long as you attend UNLV.
A student may use any creditworthy co-signer if he or she believes the likelihood of loan approval may increase. Unlike the undergraduate Parent PLUS loan, if the graduate student's PLUS loan is declined by the Department of Education, the graduate student may not borrow additional unsubsidized loan funds in his or her name.
To Get Credit
Before the proceeds of this loan will credit to your cashiering account, you must complete the following:
- An Entrance Loan Counseling session
The entrance loan counseling session has mandated consumer rights and responsibilities information from the U.S. Department of Education about your loan. - The Master Promissory Note
The master promissory note is a legal document where you affirm to pay back your loan in the future. The student will use the same four-digit PIN he or she used in signing the online FAFSA application for both processes.
Once you complete these steps, you do not need to complete these processes again each year.
An example to determine how much a graduate student may borrow in a graduate PLUS loan if necessary:
| Expense | Cost |
|---|---|
| Tuition & fees | $6,052 |
| Nonresident fee | $13,910 |
| Books | $1,298 |
| Room & board | $10,000 |
| Transportation | $3,738 |
| Miscellaneous | $2,932 |
| Total | $37,950 |
| Amount | COA |
|---|---|
| $37,950 | (COA) |
| -$20,500 | unsubsidized loan |
| =$17,450 | up to potential PLUS loan borrowing by the graduate student |
Interest Rates
| Loan Type | Fixed Interest Rate (Loans first disbursed on or after 7/1/18 and before 7/1/19) | Fixed Interest Rate (Loans first disbursed on or after 7/1/19 and before 7/1/20) |
|---|---|---|
| Undergraduate Subsidized | 5.045% | 4.529% |
| Undergraduate Unsubsidized | 6.595% | 6.079% |
| Graduate Unsubsidized | 6.595% | 6.079% |
| Parent PLUS | 7.595% | 7.079% |
| Graduate PLUS | 7.595% | 7.079% |
Does Interest Accumulate On My Loan While I Remain at Least Half-Time Enrollment Status?
| Loan Type | Interest Accumulates? |
|---|---|
| Subsidized | No |
| Unsubsidized | Yes |
| Parent PLUS | Yes |
| Graduate PLUS | Yes |