Borrowers may cancel all or a portion of the Federal Unsubsidized Stafford Loan disbursement by submitting a written request to the Office of Financial Aid within 15 days of receiving the disbursement notice that the Direct Loan has been disbursed.
Parent Loan for Undergraduate Students (PLUS)
Parents of dependent students may apply to receive this loan regardless of income level. Parents can apply for the Federal Parent Loan at using their FSA ID and password. The U.S. Department of Education will run a credit check and give you an immediate decision. The maximum a parent may borrow is the difference between the student’s cost of attendance (as determined by Earlham) and any financial assistance for which the student may be eligible (including a Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan and Federal College Work Study).
The interest rate for the Federal PLUS Loan can vary depending on the date of first disbursement of the loan. All interest rates for this loan are fixed for the life of the loan. Interest rates for federal student loans are determined by Congress. For more information about interest rates, please visit studentaid.ed.gov/sa/types/loans/interest-rates. Borrowers are required to pay the interest on any Federal PLUS Loan while in school or in a deferment period. Interest may be capitalized if agreed upon by both the borrower and lender.
A required origination fee is deducted at the time of disbursement. Repayment of this loan begins either 60 days after the loan is fully disbursed for the academic year OR six months after the student for whom the loan is borrowed ceases to attend at least one-half time. A parent borrower should carefully review repayment provisions with the Direct Lending Servicer.
Parents should receive a loan company Virginia disclosure statement from Direct Loans explaining the details of this loan program. Approved loans are credited directly to the student’s account. An acknowledgment showing the loan has been credited to the student’s account will be sent to the parent within 45 days. Please be careful to complete the credit check and application for the proper academic year
Graduate PLUS Program
Students in Graduate Programs may apply to receive this loan regardless of income level. Students can apply for the Federal Graduate PLUS Loan at using their FSA ID and password. The maximum a graduate student may borrow is the difference between the cost of attendance (as determined by Earlham) and any financial assistance for which the student may be eligible (including Federal Unsubsidized Stafford Loan).
The interest rate for the Federal Graduate PLUS Loan can vary depending on the date of the first disbursement of the loan. All interest rates for this loan are fixed for the life of the loan. Interest rates for federal student loans are determined by Congress. For more information about interest rates, please visit studentaid.ed.gov/sa/types/loans/interest-rates. Borrowers are required to pay the interest on any Federal Graduate PLUS Loan while in school or in a deferment period. Interest may be capitalized if agreed upon by both the borrower and lender.
A required origination fee is deducted at the time of disbursement. Repayment of this loan begins either 60 days after the loan is fully disbursed for the academic year OR six months after the student ceases to attend at least half time. You should carefully review repayment provisions with the Direct Lending Servicer.
You should receive a disclosure statement from Direct Loans explaining the details of this loan program. Approved loans are credited directly to your student account. An acknowledgment showing the loan has been credited to your account will be sent within 45 days. If you want to apply for a Federal Graduate PLUS Loan, you will need to go to . Please be careful to complete the credit check and application for the proper academic year.