How do I calculate the amount needed for a Parent PLUS loan or alternative loan?

To calculate the amount needed for a Parent PLUS loan or alternative loan:

  • Log onto The Nest
  • Go to the Tuition & Aid Page
  • Select Financial Aid Awards: 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 https://studentloans.gov/.

In calculating the plus loan amount needed, you will want to consider the loan origination fees of 4.248% collected by the lender for a parent plus loan. This amount will reduce the total amount requested by 4.248%. 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 Financial Aid once the funds are approved.

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Details

Article ID: 52702
Created
Wed 4/25/18 5:45 PM
Modified
Fri 5/31/19 4:41 PM