PLUS loans are designed to help the parents or legal guardians of dependent students pay for post-secondary education. They may be obtained in addition to or in place of Stafford loans. You may use the loan money you receive only to pay for your child's education expenses at LeTourneau University. Education expenses include school charges such as tuition, room and board, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.
In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
PLUS borrowers may receive up to the student's estimated cost of education less other financial aid, including Stafford loan assistance for which the dependent student is eligible. Borrowers will be subject to a credit evaluation. If a PLUS loan is denied, the dependent student may be eligible for an unsubsidized Stafford loan.
Repayment of the PLUS loan will begin within 60 days after the final disbursement, unless the borrower qualifies for deferment. Interest must be paid or capitalized (added to the principal) if payment is deferred.
How to apply online: