PLUS Loan (Parent for Student)

A PLUS Loan for parents is available to parents of dependent students. The student must first complete a FAFSA (this rule is in effect for the 2008-2009 aid year). Visit the Federal Student Aid website for complete information regarding this loan program.

Lawrence Tech does not have a lender list for federal loans. We highly recommend that you research all of your federal loan options to secure the loan that best suits your needs.

PLUS loan payment deferments now available! Parents borrowing a PLUS loan beginning July 1, 2008 may defer payments on interest only or on both interest and principal while the student for whom the loan was taken is enrolled at least half time. Parents must request the deferment of payment from their lender of choice.

Cancellation of loans - PLUS Loan borrowers have the right to cancel their loan disbursements within 14 days of the disbursement notice. Should you decide to cancel the disbursement of your PLUS Loan, you should contact the One Stop Center at Enrollmentservices@ltu.edu in writing within the specified time period. By canceling the disbursement, you will be responsible for any unpaid tuition and fees, as well as repayment of loan funds already paid to you.

New parent borrowers - You have an option to pick the Federal Direct Student Loan Program or a lender (bank) of your choice.

If you don't choose a Federal Direct Student Loan contact your lender of choice to obtain a Federal PLUS Loan School Certification form (this form should include lender name; lender code and guarantee agency name and code, and your personal information as required). Once you've obtained this information, submit or forward this information to the One Stop Center at Lawrence Tech to begin the process.

Returning student parent borrowers - Please be aware of the terms and conditions of all loans borrowed in the past. It maybe in your best interest to continue with the same lender to reduce the need to consolidate your loans at a later date due to having multiple monthly payments. By consolidating your student loans in the future, you may jeopardize your anticipated borrower benefits (such as reduced interest rates). If you the parent have borrowed from Chase in the past click here if you wish to continue with them.

For parents who choose to use another lender other than the above mentioned contact your lender of choice to obtain a Federal PLUS Loan School Certification form (this form should include lender name; lender code and guarantee agency name and code, and your personal information as required). Once you've obtained this information, submit or forward this information to the One Stop Center (248-204-2280) at Lawrence Tech to begin the process. 

Parents may increase or decline the PLUS Loan by notifying the One Stop Center  at 248-204-2280 or email Enrollmentservices@ltu.edu.