Direct Parent Plus Loan
Southwest Baptist University offers the Federal Direct Parent PLUS Loan through the Federal Direct Loan program. This loan has a fixed interest rate of 7.9%. Payments can be deferred if the student on whose behalf the loan was borrowed is in school at least half-time. Note: A Federal Direct PLUS Loan made to parent cannot be transferred to the student.
Eligibility Requirements
- Completed FAFSA must be filed to determine student’s eligibility for other federal aid.
- Student must meet the current Southwest Baptist University Satisfactory Academic Progress Policy
- Student must be enrolled at least half-time in their program at the time of loan disbursement
Who Can Borrower
- Biological parents
- Adoptive parents
- Stepparents if their income is used to complete the student’s FAFSA application.
- Parents can apply for a plus loan to help pay for the cost of a dependent student's education up to the cost of attendance minus any other financial aid.
- This loan is available to parents with good credit history.
- Interest is charged from the first disbursement date and repayment on both interest and principal begins 60 days after the final loan disbursement for the academic year.
- Choices on repayment plans that are designed to meet the needs of almost any borrower.
Applying for the Parent Plus Loan
- Complete Parent Plus Request Form for credit decision.
- Return to Southwest Baptist University, Financial Aid Office, 1600 University Ave, Bolivar, MO 65613, Or Fax 417-328-1514
- After credit check has been completed by your school the borrower will receive written confirmation from the Department of Education of the credit check result.
- If the Plus Loan is denied, the student may have eligibility to borrow additional Unsubsidized Direct Stafford Loan. If eligible, the student will be notified by mail from the Office of Financial Aid.
- Master Promissory Note (MPN) is required for credit approved Plus Loans for the approved borrower.