Direct Parent and Graduate PLUS Loans
Direct PLUS loans enable the parents of dependent undergraduate students, and independent graduate students, with good credit histories to borrow up to the student’s cost of attendance, less any other aid received.
Direct Parent PLUS Loans - please note the following:
- Only biological, adoptive, or step-parents may apply for the Direct Parent PLUS Loan. Grandparents, guardians, foster parents, or other relatives are not eligible to apply.
- Dependent undergraduate students must have a completed FAFSA on file before their parent applies for a Direct Parent PLUS loan.
- Parents must apply by completing an application at the Direct Lending website .
- Allow 3 business days after submitting your application for the Department of Education to notify UTC of your approval or denial. The student's MyMocsNet account will be updated to indicate that the approval or denial has been received.
- The UTC-specific Direct PLUS Information Form is required to process all approved Direct Parent PLUS loans and a PLUS Master Promissory Note (MPN) must be completed at the Direct Lending website.
- Funds are released electronically by the Department of Education within 7 days of the certification, provided the Department of Education has received all the relevant documentation from the borrower.
- If the Direct PLUS loan exceeds the student's UTC bill, a refund will be issued to the parent or student based on the previous agreement between the borrower and UTC.
- The student must be making Satisfactory Academic Progress and must be enrolled in a minimum of 6 credit hours to receive Federal Parent PLUS funds.
- The Direct Parent PLUS Loan award amount CANNOT exceed the student's cost of attendance minus all other aid.
Direct Graduate PLUS Loans - please note the following:
- The student must be fully admitted to the Graduate School at UTC.
- Undergraduate students taking graduate level classes are not eligible.
- The student must complete the FAFSA and all other financial aid requirements. Please refer to our 5 Steps to Financial Aid at UTC for more information.
- The student must accept the maximum eligibility of $20,500 under the Direct Stafford Loan Program for the CURRENT aid year. Typically, in-state graduate students will not be eligible for the Graduate PLUS Loan until (possibly) summer due to UTC's low cost of attendance and, therefore, the student's inability to accept the full $20,500. The Graduate PLUS Loan award amount CANNOT exceed the student's cost of attendance minus all other aid.
- These loans require a borrower credit check and in some cases, a co-signor.
- These students need not submit the PLUS Information Form to UTC.
- All Graduate PLUS Loan borrowers must complete Direct Graduate PLUS Entrance Loan Counseling.
Students must adhere to all UTC enrollment and Satisfactory Academic Progress standards in order to be eligible for PLUS loan proceeds.The Direct PLUS interest rate for July 1, 2011 through July 30, 2012 is a fixed rate of 7.9%.
Direct PLUS Loan interest begins at the time the first disbursement is made and repayment begins within 60 days after the loan is fully disbursed.