PLUS (Parent Loan for Undergraduate Students)
Parents may borrow up to the cost of attendance, less any financial aid the student receives. Completion of the FAFSA is not required. Generally, the first payment is due within 60 days after the loan is fully disbursed and interest begins to accumulate at the time the first disbursement is made. Interest rate is currently 8.5%.
How to apply for the PLUS
All Virginia Wesleyan parents requesting a Federal Parent Loan for Undergraduate Students (PLUS) are required to complete a PLUS Pre-Approval Process every academic school year the student is in attendance.
NOTE: If the PLUS loan pre-approval is denied, the Financial Aid Office will be notified and will revise the student 's Financial Aid Award indicating the additional Unsubsidized Stafford Loan the student is eligible for. If the student is a freshman or sophomore, the total Unsubsidized Stafford loan amount is $6000; if a junior or senior, $7000 for the academic year.
Please choose the option that relates to your status:
Previous PLUS Borrowers
Parent borrowers since 2004 (with renewed pre-approval and the same lender) have already signed a PLUS Master Promissory Note (PMPN) and are not required to sign another promissory note. The Plus Pre-approval completes your process. The Financial Aid Office will be notified of the approval and will add the amount you requested to the student's financial aid award offer.
First-time Parent Borrowers(PLUS Auction canceled! START YOUR PRE-APPROVAL NOW! 4/10/09)
If you are a first-time parent borrower you must complete the PLUS Pre-approval and sign your PLUS Master Promissory Note (PMPN) electronically. Please follow the steps provided. The Financial Aid Office will be notified of the approval and will add the amount you requested to the student's financial aid award offer.
PLUS Increase/Additional Amounts
To increase or decrease the loan amount, please e-mail exact information to the Financial Aid Office at finaid@vwc.edu immediately.