If your parents are denied, you may be eligible for additional funds through the Unsubsidized Stafford Loan Program.

If denied a PLUS loan, you or your child may contact the Office of Financial Aid and Registrar to request information on other student loan funds. Call 800-232-1339, write to Office of Financial Aid and Registrar, 1049 University Drive, Duluth MN 55812-3011, or E-Mail umdhelp@d.umn.edu, Be sure to include the students UMD ID number or Social Security number when writing or sending E-mail to our office, to help them identify their records.

If at all possible, we will work with you to create a financial solution that meets your specific requirements. Sometimes, starting with a greater down payment, shortening the term, cross collateralizing or obtaining a cross corporate loan guaranty may enable us to approve an otherwise credit impaired situation.

Just because you did not get a loan from one financial institution doesn't mean you can't get one somewhere else. It's hard to accept that you are denied a loan. But you need to get it in writing that you are denied a loan by the lenders and the reasons for having rejected your loan application.

Federal PLUS loans enable parents or legal guardians with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate. The student must be enrolled in school at least half-time. Again, to be eligible for a PLUS loan, a parent must possess a good credit history.

You will be refunded any portion of the loan processing deposit paid for expenses not yet incurred in processing your application.

Denying a member's loan application is something that we don't readily do. In most cases we will try to work with the member to make a loan happen. But circumstances can dictate that may cause us to reject a loan application. In these cases an adverse action form is processed and sent to the member so that the member understands why the action was taken.

If your parent is denied a Parent Loan for Undergraduate Students (PLUS), this then qualifies you for additional Stafford Loan funds. As a freshman and a sophomore, you can be considered for up to an additional $6,000 in Unsubsidized Stafford Loans. As a junior and senior, you can be considered for up to $7,000 in additional funds. Our office will automatically award these additional funds to you upon receipt of a PLUS denial. Inside RoanokeMeet and chat with other accepted students.

A Federal Parent PLUS Loan is a low-interest, unsubsidized federal loan that allows a parent of a dependent student to assist in paying for the student's college education. If a student accepts the offer of a Parent PLUS Loan on an award notification and the parent wants to borrow the loan, the parent must apply for the Parent PLUS Loan. Additional information, including interest rate and associated loan fees, can be found in our publication: Stepping Through the Application Process.

A parent (PLUS) loan application is sent to all new students along with information about how to fill it out and which bank to choose. By definition, a parent may borrow, if eligible, up to the total cost of the student’s education minus the aid the student is receiving.

Available to graduate and professional students for loans certified after July 1, 2006, the PLUS Loan for Graduate and Professional Students is a smart educational financing solution. You may qualify for a Grad PLUS Loan even if your financial assets limit your eligibility for other loans. And, you can borrow if you are a student who is enrolled at least half time as a graduate or professional student at an eligible institution.

Yes, but only if you happen to be a student who is also the parent of a child who is currently enrolled in college. In that case, you may take out a loan to pay the educational costs for your child, but not a PLUS loan for yourself.

Repayment of both principal and interest begins within 60 days of receiving the loan and extends from 5 to 10 years. The amount you borrow determines the minimum monthly payment, but no one pays less than $50 a month.

No, independent students cannot apply for a Federal PLUS loan for their own education. These loans are reserved for parents supporting dependent undergraduate students.

The student may contact our office to request an additional Unsubsidized Stafford Loan. ($4,000 per academic year for freshmen/sophomores; $5,000 per academic year for juniors/seniors).