To calculate the amount needed for a Parent PLUS loan or alternative loan:
- Log onto The Nest
- Go to Administrative Services, Financial Aid
- Navigate to Award Offer tab to Accept/Decline offer
- Under the Award Overview tab, take the Cost of Attendance (COA) figure listed
- Subtract total accepted grants, scholarships and federal student loans
- Do not include work study funds in this calculation. Funds are paid directly to students as earned.
- This figure is your "out of pocket" expenses that you may choose to finance.
- Apply for the Parent PLUS loan at studentaid.gov.
In calculating the plus loan amount needed, you will want to consider the loan origination fees of 4.228% collected by the lender for a parent plus loan. This amount will reduce the total amount requested by 4.228%. Additionally, it is standard practice for loans to be set up as a fall/spring loan, thus the total amount needed from the fall bill should be doubled to cover the spring balance as well.
Students must research and choose a lender for alternative loans, then notify the Financial Aid Office once the funds are approved.