Federal Direct Parent PLUS Loan Program
St. John Fisher College participates in the William D. Ford Federal Direct Parent PLUS Loan Program. The lender of these loans is the federal government and repayment is to the U.S. Department of Education.
Direct Loan Basics
Parents, stepparents, and legal guardians of dependent undergraduate students attending at least half-time may borrow the difference between the Cost of Attendance and all other student aid received by the student.
Students must file the Free Application for Federal Student Aid (FAFSA) for the parent to be eligible for the Federal Direct Parent PLUS Loan.
Borrowers must be U.S. citizens or eligible non-citizens, the student must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College, and be maintaining satisfactory academic progress for financial aid eligibility. Loan approval is subject to credit criteria established by the Department of Education, and a credit report will be obtained from a national credit bureau.
Interest Rate and Repayment
Federal Direct Parent PLUS Loans have a fixed interest rate of 6.84% for loans first disbursed prior to July 1, 2016. Loans first disbursed on or after July 1, 2016 will have a fixed interest rate of 6.31%. Loans disbursed on or after October 1, 2015 and prior to October 1, 2016 will be charged a 4.272% fee. Loans disbursed on or after October 1, 2016 will be charged a 4.276% fee. **Loan rates and fees are subject to change due to congressional action.** Repayment of the loan begins within 60 days after the date funds are disbursed. Repayment may be delayed until 6 months after the student graduates or is no longer enrolled at least half-time.
- Federal Direct Loan Repayment Options, Loan Consolidation, Deferment, and Forbearance
- Loan Repayment Plan Calculator
Federal Direct Parent PLUS Loans can be repaid fully or in part at any time without penalty. The funds are disbursed directly to the school in one or more disbursements via Electronic Funds Transfer (EFT) to the student's account.
How to Apply
This annual process will allow you to apply for a Federal Direct Parent PLUS loan for the first time or to authorize a new loan amount on a previously signed electronic Master Promissory Note (MPN). Please allow 1 week processing time. *Parent completes Step 3 and 4*
- Student completes the Free Application for Federal Student Aid (FAFSA).
- Student accepts the Federal Direct Parent PLUS Loan offer on Fish 'R' Net. (Sign into my.sjfc.edu and select Fish 'R' Net under the Launch Pad)
- PARENT selects Log In at StudentLoans.gov. Sign In using your PARENT information. Select Apply for a PLUS Loan. Select Direct PLUS Loan Request for Parent Borrowers. By completing this request, you are authorizing the Department of Education to check your credit report.
- First time Parent PLUS Loan borrowers will also have to Complete a Master Promissory Note (PLUS MPN for Parent) at StudentLoans.gov.