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Student & Parent Loans
2016-2017 Federal Direct Parent Loan for Undergraduate Students (PLUS)
Parents of dependent students can apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS). The PLUS loan allows parents to borrow up to the cost of attendance, less any other financial aid. The lender is the U.S. Department of Education. A 4.276% fee for the Direct Parent Loan will be deducted prior to disbursement.
- Parent of dependent student who is enrolled at least half-time and making satisfactory academic progress
- You cannot have an adverse credit history
(a credit check will be done)
- Student and parent must be U.S. citizens or eligible non-citizens and must meet general eligibility requirements for Federal Student Aid programs
Parents can go online and get a credit decision and, upon approval, complete the Master Promissory Note (MPN) by following the instructions below. Loan Counseling may also be required.
A parent FSA ID is required. If you signed the FAFSA electronically for your son or daughter you were assigned one at that time. Parents can request an FSA ID at studentloans.gov
Step 1: Go to studentloans.gov
Step 2: Sign in with your FSA ID
Step 3: Start PLUS Application Process
PLUS Loan funds are disbursed directly to the student account in two equal installments. The interest rate is fixed at 6.31 percent for loans disbursed on or after July 1, 2016 and before July 1, 2017.. Repayment begins after the full amount has been disbursed.Disbursement dates will be stated on the Disclosure Statement sent to the borrower from the Direct Loan Servicing Center. Parents may choose to defer payments until six months after the student ceases to be enrolled at least half-time.
If the PLUS Loan is denied, the student may be eligible for additional Unsubsidized Federal Direct Loan. A written request must be made to the Financial Aid Office.
Most students find it necessary to finance a portion of their education with student loans. Detailed information, eligibility requirements, and borrower responsibilities should be reviewed prior to borrowing. Eligibility for the programs below will be determined by the Office of Financial Aid and indicated on your Financial Aid Award letter.
Federal Direct Student Loan
Federal Stafford Loans are available to undergraduate and graduate students who are enrolled at least half-time.
- The Subsidized Federal Direct Loan is available to students who demonstrate financial need. The interest is paid (subsidized) by the federal government while the student is in school and during a six-month grace period after the student ceases to be enrolled at least half-time.
- The Unsubsidized Federal Direct Loan is available to students who do not demonstrate financial need, or whose financial need has been met by other resources (e.g., grants and scholarships). The student is responsible for the interest that accrues on the unsubsidized loan during enrollment, grace, and repayment periods.
Maximum Annual Federal Stafford Loan Limits*
Undergraduate students are eligible to receive an additional Unsubsidized Loan amount of $2,000.
* These loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.
Federal Perkins Loan
Federal Perkins low-interest (5 percent) loan funds are provided to Regis by the federal government. Awards range from $1,000 to $4,000 annually and funding is limited. Repayment begins nine months after the student is no longer enrolled at least half-time.
The National Student Loan Data System (NSLDS)
The NSLDS is an online central database that keeps track of all federal student loans. Perkins Loan and Pell Grant information may also be viewed via this Website. Loan information is transmitted to NSLDS from schools, lenders, and loan servicers. All information viewed is private and secure, and can only be accessed using a student's social security number, first two letters of last name, date of birth and FAFSA PIN.
Regis College School Code
Regis College Bursar's Office
The Office of Financial Aid
located at College Hall Room 221
Center for Student Services
Office of Financial Aid
235 Wellesley Street
Weston, MA 02493