Federal PLUS Loan

Parents of undergraduate students can use a regular PLUS loan to pay education costs and charges that they can’t otherwise cover, whether or not their student receives other financial aid.

Graduate students can use a graduate PLUS loan to pay education costs that they can’t cover with their Stafford loan and other resources.

Note: Graduate students in the low-residency programs are not eligible for a graduate PLUS loan because their Stafford loan covers their approved education costs. Post-baccalaureate students are not eligible either.

Loan Step-by-Step

• To apply for a loan and to compare lenders, click here.
• In addition to completing a loan application online, graduate students who apply for a Grad PLUS loan for the first time must complete the online Grad PLUS loan entrance counseling form.
• Parents or graduate students receiving a PLUS loan for the first time at Bennington must complete a PLUS loan authorization form.
• Parents applying for a PLUS who did not complete the current year’s FAFSA must complete a federal certifications form

Basic Loan Information

• Interest rate. The interest rate for new loans issued after July 1, 2006, is fixed at 8.5%. Some lenders further reduce interest rates as a borrower benefit.
• Loan fees. Loan fees are 4%, though lenders may reduce fees as a borrower benefit.
• Lenders. You may use any lender who participates in the Federal PLUS program.
• Disbursement. A full-year loan is disbursed in two installments, half each term. The funds come directly to Bennington College early in each term, after course registration is complete.
• Interest accrual. PLUS loan interest begins to accrue when the loan is first disbursed.
• Repayment. Repayment begins when the loan is fully disbursed (often at the beginning of the spring term). Some lenders will offer defer repayments while the student is still in school.
• Length of repayment. Most PLUS loans are repaid over 10 years, though other options, including loan consolidation, are available. More information is available from individual lenders.
• Other options. Individuals may qualify for a variety of PLUS loan repayment adjustments, including alternative repayment schedules; limited deferment for unemployment, enrollment in school, economic hardship, or other specified circumstances; and loan cancellation in the event of death.