Parents or step-parents of undergraduate students may choose to apply for the Federal Direct PLUS Loan to cover college costs for undergraduate students. Currently this loan offers a fixed interest rate of 7.21%.  There is also a 4.292% origination fee.  For many parents, interest paid on the PLUS loan may be tax deductible.  For more information on the educational tax benefits, see the Internal Revenue Service’s Publication 970, “Tax Benefits for Education”.  This form is available on their website.

Parents can borrow up to the Cost Of Attendance (COA) for the year minus the student’s other financial resources.  COA includes the direct cost of tuition, room, board and fees, plus a $2,600 allowance for books and personal expenses.  This allowance for books and personal expenses is determined by the college and the parent cannot exceed the amount listed.  PLUS loan fees may be included in the COA.

How to Appl​y

  • Eligibility is not based on financial need and can be used to meet the Expected Family Contribution (EFC).  You may borrow up to the college Cost of Attendance minus any other financial aid received. You will want to borrow the amount you will need for the entire academic year.  If you request the maximum PLUS loan, the financial aid office will originate the loan to meet the cost of attendance.  
  • The PLUS Loan application process is a two-step process. To begin the PLUS loan application process, “Sign In”  to the federal loan web site at www.StudentLoans.gov  You must have your Personal Identification number (PIN) issued by the Department of Education before completing the PLUS Request and the Master Promissory  Note (MPN)  If you do not have a IN or have lost your PIN, you can obtain one at www.pin.ed.gov
  • First complete the PLUS Loan Request Process.  There are several steps where you will supply Personal Information, Student and Loan Information, Review of  your Application and Request a Credit Check.  When complete, be sure to submit the request.  You will receive an e-mail indicating  the PLUS credit decision as determined by the Department of Education.  
  • If approved, the borrower must complete a Direct PLUS Loan Master Promissory Note (MPN) on-line at www.StudentLoans.gov.  You will need your PIN to Sign In to access the form.  The Master Promissory Note explains the terms and conditions of your PLUS loan and is your legally binding agreement to repay your loan to the Department of Education. 
  • If the loan is not credit approved, the borrower is offered the opportunity to appeal the decision online by submitting additional information or adding a credit-worthy endorser to the loan. 
  • Once completed, Delaware Valley College Financial Aid will receive the results of the credit check and the borrower's intentions. Once creditworthiness has been approved, the Direct PLUS Loan will be originated by the Financial Aid Office. The loan will be disbursed directly to the students account in two equal installments with one crediting for Fall and the other crediting in Spring.  
  • Repayment of the Direct PLUS loan begins 60 days after the full amount you have borrowed for a school year has been disbursed, unless other repayment options have been selected.  For more information on PLUS loan repayments, visit www.direct.ed.gov

If you have questions or difficulties when completing the Loan Process, the The Direct Loan Servicing Center - Borrower Services can be reached at 1.800.848.0979.

Please contact the Financial Aid Office at 215.489.2272 or e-mail Finaid@delval.edu with any questions you may have about the Federal Direct PLUS Loan.