Parent loan available to cover the difference between the cost of attendance and financial aid
Borrower must be a U.S. citizen or permanent resident
Borrower must pre-qualify (pass a credit check). Once approved, the credit check is good for only 90 days. Due to this time schedule, please apply for the loan after May 1st.
7.9% fixed interest rate
4% origination fee deducted from each loan disbursement
Completing the Direct PLUS Loan Application Sign in to "Manage My Direct Loan" using your FAFSA PIN, then click on "Request a Direct PLUS Loan" link
Completing the Direct PLUS Loan Master Promissory Note Sign in to "Manage My Direct Loan" using your FAFSA PIN, then click on "Complete Master Promissory Note" link
If parent's credit is denied, the parent can re-apply with an endorser. As an alternative, the student is eligible to borrow an additional unsubsidized loan in the amount of $4,000 for 1st and 2nd year students, $5,000 for 3rd and 4th year students. The parent must denote this on his/her application (Section III). In addition, the student must complete the appropriate section of the Hamilton College Student Direct Loan Request Form (Section II).
Loan proceeds will be credited directly to the student account within 10 days prior to the start of classes for both semesters
Interest begins to accrue on the loan from the date of the first disbursement
Repayment begins within 60 days after the second disbursement of the loan
Parent can request deferment to postpone repayment for up to 6 months after student graduates by selecting this option when completing the PLUS Loan application online. For an existing PLUS Loan, parent must contact their loan servicer to request deferment. To identify your loan servicer, please go to the National Student Loan Data System (NSLDS). Telephone support is available at (800) 848-0979.
