Financial Aid

What is a PLUS Loan?

A PLUS loan is a credit-based loan that parents of a dependent, degree seeking undergraduate student can apply for. Parents can borrow up to the cost of education, minus the financial aid already received. The PLUS loan has a fixed 8.5% interest rate. Interest accrues while the student is in school. The loan has a 3 % origination fee and may have a 1% default fee subtracted from the amount you request. Obtain more information.

How do I apply for a PLUS Loan?

1. Complete the FAFSA
   WCTC highly recommends that students file the FAFSA to determine what federal and state grants they are eligible for prior to applying for the PLUS loan. We further recommend that students apply for a Stafford loan before having a parent apply for a PLUS loan.
2. Complete the WCTC PLUS loan application
   Please download the WCTC PLUS loan application and mail or fax to the WCTC Financial Aid Department.
3. Complete the PLUS Loan Master Promissory Note (MPN)
   The PLUS Loan Master Promissory Note is the legally binding document you sign agreeing to repay the PLUS loan. You can choose to sign the MPN electronically with your U.S. Department of Education PIN number or you can print it off and mail it in. (If this is the second year you are applying for a PLUS loan at WCTC there is no need to complete this step unless you wish to switch which lender you use.)

Repayment Information

The PLUS loan goes into repayment 60 days after it is fully disbursed for the year but parents can make arrangements to make interest only payments while the student is in school. Parents can even make arrangements to defer all payments until after the student graduates by requesting a forbearance from the loan servicer yearly.

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