Navigate Up
Sign In
  
A-Z Index
Home > Admissions > Financial Aid
Financial Aid

Federal Direct Plus Loan

This loan allows the parents of dependent undergraduate students to borrow money to help students supplement the amount of financial aid they may be receiving under other grant or loan programs.

Please note: Any graduate student inquiring about the PLUS loan should contact the Financial Aid Office.



    To receive a Direct PLUS Loan, you must

    be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate, or be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school;

    not have an adverse credit history; and

    meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements.

    A credit check will be performed during the application process. If you have an adverse credit history, you may still receive a Direct PLUS Loan through one of these two options:

    1) Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay it. If you are a parent borrower, the endorser cannot be the child on whose behalf you are borrowing.

    2) Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. With either option 1 or option 2, you also must complete credit counseling for PLUS loan borrowers on the StudentLoans.gov website.

    If a parent borrower is unable to obtain a PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans. The student should contact the financial aid office for more information.

    If you are eligible for a Direct PLUS Loan, you will be required to sign a Direct PLUS Loan Master Promissory Note (MPN), agreeing to the terms of the loan. Graduate or professional students who haven't previously received a PLUS loan will also be required to complete entrance counseling.

    To receive a Direct PLUS Loan, you (or your child, if you are a parent PLUS borrower) must complete the FAFSA. The financial aid office will provide instructions about the process for requesting a Direct PLUS Loan. You can request a Direct PLUS Loan application by contacting the financial aid office.

    The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.

    For Direct PLUS Loans first disbursed on or after July 1, 2016, and before July 1, 2017, the interest rate is 6.31%.

    These are fixed interest rates for the life of the loan.

    Yes, there is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below.



    Loan Fees for Direct PLUS Loans
    First Disbursement DateLoan Fee
    On or after Oct. 1, 2015, and before Oct. 1, 20164.272%
    On or after Oct. 1, 2016, and before Oct. 1, 20174.276%

    Loans first disbursed prior to Oct. 1, 2015, have different loan fees.

    The school will first apply Direct PLUS Loan funds to the school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your school will send a check to the parent that borrowed the loan.

    When you receive your Direct PLUS Loan, you will be contacted by your loan servicer (you will repay your loan to the loan servicer). Your loan servicer will provide regular updates on the status of your Direct PLUS Loan, and any additional Direct Loans that you receive.

    If you receive a Direct PLUS Loan as a graduate or professional student, you don't have to make any payments while you're enrolled in school at least half-time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment.

    If you are a parent borrower, you'll generally be expected to start making payments on your Direct PLUS Loan once your loan is fully disbursed (paid out). However, you may request a deferment while your child is enrolled at least half-time and for an additional six months after your child graduates, leaves school, or drops below half-time enrollment. You don't have to make any payments while your loan is deferred.

    During any period when you're not required to make payments, interest will accrue on your loan. You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you have to start making payments. Your loan servicer will notify you when your first payment is due.

    There are several repayment options available that are designed to meet the individual needs of borrowers. Some repayment plans are not available to parent PLUS borrowers. Your loan servicer can help you understand which repayment options are available to you. Generally, you'll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose.

    If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your servicer can help you understand your options for keeping your loan in good standing. For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan.

    No, a Direct PLUS Loan made to a parent cannot be transferred to the child. You, the parent borrower, are legally responsible for repaying the loan.

    Yes. Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying the school. After your loan is disbursed, you may cancel all or part of the loan within certain time frames. Your promissory note and additional information you receive will explain the procedures and time frames for canceling your loan.

    Visit My Federal Student Aid to view information about all of the federal student loans and other financial aid you have received and to get contact information for your loan servicer.


 

 Office Information

 
Office Hours:
 
Mondays - Thursdays: 9:00 a.m. - 4:30 p.m. 
Fridays: Closed
 
Location: 202 Jefferson Hall
Phone: 718-997-5102
Fax: 718-997-5122 

Assistance with the aid process is available in the One Stop Service Center in the Dining Hall. For more on the One Stop, visit www.qc.cuny.edu/onestop.

College Codes
FAFSA College Code - 002690
TAP College Code - 1416


  • NEWS
  • ​Spring 2017 - Important Date & Deadlines 
    • The last day to add courses is February 5, 2017. Your registration as of February 5th will be used to determine your maximum financial aid eligibility for the semester (grants, loans and work-study).

    • February 21st, is the last day to declare a major for TAP/APTS eligibility for Spring 2017.

    • March 6th, is the last day to apply for APTS.

    • April 27th, is the last day to apply for a Direct Loan.

 

  • Fall 2016 - Important Dates & Deadlines
    • Last day to submit a Fall ONLY loan is Monday, December 5, 2016.
    • URGENT Th​e last day to add courses is August 31st, 2016Your registration as of August 31st will be used to determine your maximum financial aid eligibility for the semester (grants, l​o​ans, and work-study).
    • September 14th​ is the Last day to declare a major for TAP/APTS eligibility for Fall 2016​
    • October 1st is the last day to apply for APTS.

 

 

​​​​​​​​​​​ ​
 

 Applying for Financial Aid

 
 

 Useful Telephone Numbers

 

FAFSA Application Status 1-800-433-3243


FAFSA Technical Assistance 1-800-433-3243
NYS TAP Processing/Status 1-888-697-4372
Direct Loan Inquiries 1-800-848-0979
Selective Service 1-847-688-6888
Internal Revenue Service 1-800-829-1040
TuitionPay Payment Plan 1-800-635-0120

 

 

 Important Dates

 
 
 
Stay Social at QC YouTube Facebook Twitter Gray Bar Calendar MyQC QC Mobile CUNY first Blackboard QC Bookstore



Queens College, CUNY | 65-30 Kissena Blvd. | Queens, NY 11367-1597 | Phone: (718) 997-5000 Copyright © 2004-