Parent PLUS Loans from UW Credit Union

Stafford Alternative Parent PLUS Graduate PLUS Consolidation

Parent PLUS Loans

The federal government offers the Parental Loan for Undergraduate Students, or PLUS loan, to parents and stepparents of dependent students. Parents can borrow up to the total cost of their dependent's undergraduate education, minus any other aid awarded.

Dependent or Independent Student?

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Parents Save

Save 0.50% on the rate with automatic payments*
Save 0.25% off the rate after 36 consecutive, on-time payments*

*Benefits are for loans disbursed on/after July 1, 2008.

Parents Benefit

8.50% fixed rate
10-year repayment term
15-day grace period after payment due date
Alternative repayment plans available, including graduated and income-sensitive plans

Eligibility

School's financial aid office determines eligibility
Student must be enrolled at least half time
Parent must meet credit criteria
(If you are denied a PLUS loan due to your credit history, your student may be eligible for additional unsubsidized Stafford loan funds.)

Disbursement

Loan funds are sent to the school at the beginning of each semester.
The 1% insurance fee and 3% origination fee are withheld from each disbursement.

Repayment

Deferment of payments*

Students must be enrolled at least half-time.
After dropping below half-time status, there is a 6-month grace period.
Monthly payments begin after the grace period ends.

Making payments

Interest accrues while payments are deferred.
Payments can be made anytime without penalty.
You will receive quarterly interest statements.

*PLUS loan being deferred based on the student's enrollment status is new as of July 1, 2008.

Lender Name:

UW Credit Union

Lender Code:

818611 (Stafford/PLUS)
878611 (Consolidation)

Lender Address:

3500 University Ave.
Madison WI 53705