Q: How much can a parent borrow with a PLUS loan?
A parent may borrow up to the estimated cost of attendance minus any other scholarships and aid awarded to the dependent student.
Q: Are there fees with a PLUS loan?
A three percent origination fee is charged on the loan. The fees are subtracted from the loan proceeds at the time the funds are disbursed to the school.
Q: How long does it take for PLUS loan approval?
Most lenders maintain a 24-hour turnaround time for notification of an approval or denial. If completed online, an approved application form can be printed off, signed, and mailed (or e-signed) for processing.
Q: What determines my eligibility for a PLUS loan?
A PLUS loan is available to parents of dependent, undergraduate students. You must be a U.S. citizen, national or eligible non-citizen to qualify. The applicant must be determined creditworthy based on Federal regulations and/or lender criteria.
Q: How do I apply for the PLUS loan?
A parent can apply online by going to LoanConnect and request approval. You will need to associate the loan with Evangel University and the student who will receive the funds after the semester begins.
Q: How will the money be disbursed to Evangel?
The loan proceeds are sent electronically to the Evangel Financial Aid Office, unless requested to be sent in check form. Typically, the loan will be scheduled to disburse at the beginning of each semester during the academic loan period. One semester loans must come in two equal disbursements, one at the beginning of the term and one at the middle of the term.
Q: When does repayment begin on a PLUS loan?
Your first payment will be due within 60 days of the final disbursement for each PLUS loan received unless you request a yearly forbearance. Forbearances are offered based on individual lender criteria. Please check with them if you are considering this option.
Q: How much can a student borrow with a private loan?
A student may borrow up to the estimated cost of attendance minus any other scholarships and aid awarded to the dependent or independent student.
Q: Are there fees with a private loan?
There generally are basic loan fees associated with a private loan that are subtracted from the loan proceeds at the time of disbursement. You may check specifically with your lender.
Q: How long does it take for private loan approval?
Most lenders maintain a 24-hour turnaround time for notification of an approval or denial. If completed online, an approved application form can be printed off, signed, and mailed (or e-signed) for processing.
Q: What determines my eligibility for a private loan?
The private loan program is a credit-based loan. Your past and current credit history play a role in the decision process. Most lenders require at least two years of established credit history unless a student would need to have a cosigner. Also, students must be at least 18 to apply for a private loan.
Q: How do I apply for the private loan?
A student can apply online by going to LoanConnect and request a loan. The co-signers information can generally be added once the student’s information is complete. The student will receive these funds after the semester begins.
Q: How will the money be disbursed to Evangel?
The loan proceeds are sent electronically to the Evangel Financial Aid Office, unless requested to be sent in check form. Typically, the loan will be scheduled to disburse at the beginning of each semester during the academic loan period. One semester loans may come in a single disbursement as they are not federal loans under the same regulations as Stafford or PLUS loans.
Q: When does repayment begin on a private loan?
Repayment begins 6 months after you graduate or cease to be enrolled at least half time. No payments are required while you are continuously enrolled in school at least half time, though interest does accrue.