Office of Financial Aid
MS-C1915Hamline University 1536 Hewitt Avenue Saint Paul, MN 55104
Dependent students may have a Federal Direct Parent PLUS Loan included in their Hamline University Financial Aid Award Letter. Depending on need, a parent may borrow up to Hamline’s cost of attendance minus any other financial aid that is awarded to the student. The Hamline University Student Financial Aid Award Letter indicates the amount a parent may consider borrowing for a student’s education during the coming school year.
In order to apply for a Parent PLUS loan, you must be the student’s biological parent, adoptive parent, or the parent’s stepparent if the biological or adoptive parent has remarried at the time of application and their information is included on the FAFSA. Also, your child must be enrolled at least half-time.
Effective March 1, 2013 to December 1, 2013, the loan fee for the Federal Direct Parent PLUS Loan is 4.204% which is taken off the amount request at each disbursement. Loans received on or after December 1, 2013 have a loan fee of 4.288%.
The Federal Direct Parent PLUS loans for the 2013-2014 academic year have a 6.41% fixed interest rate.
The Federal Direct Parent PLUS Loan is flexible and allows a parent to decide how much to borrow. Repayment begins within 60 days after the full amount borrowed for a school year has been disbursed (around April 1 for a full-year loan). However, parents may request that repayment be delayed until 6 months after the student graduates or is no longer enrolled at least half-time. To request this deferment, parents must contact their loan servicer. A letter identifying the loan servicer is mailed from Direct Loans upon the first disbursement. Loan servicer information is also available within 7-10 days from the first disbursement on www.nslds.ed.gov using the parent borrower’s information and FAFSA PIN. The minimum monthly payment on a Federal Direct Parent PLUS Loan on a standard repayment plan is $50 per month.
If your credit is denied, you will receive notification from the direct loan servicer. You can:
ENROLLMENT STATUS - UNDERGRADUATE AND POST BACCALAUREATE
Half-time*: At least 6 credits per semester.
Full-time: At least 12 credits per semester.
State Grant: At least 15 credits per semester for full award.
*Half-time status is a requirement for all federal and some alternative student loans.
© 2013 Hamline University
1536 Hewitt Avenue - Saint Paul, MN 55104-1284