LOANS

Federal Parent Plus Loan:

• Responsibility of parents or legal guardians 
• Up to Cost of Education less other aid 
• Requires parent/guardian credit check
• A new bill, H.R. 5715, the "Ensuring Continued Access to Student Loans Act of 2008" allows parents to request an in-school deferment of their Parent PLUS loan and to continue to defer repayment up to six-months after his or her dependent student ceases to be enrolled at least half-time. The new law also provides additional deferment for parents borrowers experience unemployment, economic hardship  or who are themselves pursuing at least half-time study. Borrowers need to simply contact their Lender to request the deferment.
• 3% Loan Origination Fee
• Fixed interest rate of 8.5%, repayment traditionally begins 60 days after final disbursement. Parents may request an in-school deferment and six-month grace period from their lender.
• Minimum payments are $50 each month not to exceed 10 years 
• Parent must complete one Master Promissory Note per student and complete a new-credit approval each new academic year.

 How To Apply

1. Fill out a FAFSA and be accepted to Oral Roberts University
2. An Award Notification will be e-mailed to the student’s e-mail address; if eligible, the Loan will be listed among the aid.
3. Respond to the Award Notification by indicating “yes” to Federal PLUS Loan.  
4. Parents may choose from our recommended list or any lender they believe best meets their needs. NASFAA recommends these sites for analyzing, calculating and comparing loan products: www.finaid.org/calculators/loananalyzer.phtml or http://www.finaid.org/calculators/loandiscounts.phtml. Please contact the Financial Aid Office if you wish to select a lender that is not represented on our Recommended Lender List .
5. Parent and student can do e-signature through the lender's website. No paper applications required if e-signatures are used, otherwise, print application and mail directly to your lender's servicing agency. Parent must re-apply each year.

PLUS Loan Application Procedures

The PLUS Application/Master Promissory Note is an electronic process!  Please click on the following link to access a list of our recommended lenders and their secure on-line applications:  PLUS Recommended Lenders.