Trustmark Student Loans
The Federal PLUS Loan Program provides loans to parents of eligible dependent students
who need additional financial assistance in meeting post-secondary educational expenses. Eligibility is not
based on financial need. This program is intended to supplement the Federal Stafford Loan Program.
Parent Eligibility:
Be the parent, stepparent or legal guardian of a "dependent" student as determined by the school. |
Be a citizen, permanent resident or eligible non-citizen of the United States. |
| Not be in default or delinquent on any educational grant or loan. |
Not be determined to have an adverse credit history, as defined by federal regulations. |
Student Eligibility
Be determined by the school to be a "dependent" student. |
Be a citizen, permanent resident or eligible non-citizen of the United States. |
Be enrolled or accepted for enrollment at least half-time at an eligible institution. |
Be in good standing and making satisfactory academic progress if currently enrolled. |
Federal Plus Loans (Parent Loans)
Annual Loan Limit:
Cost of attendance minus eligible financial aid.
Repayment:
Payment of principal and interest begins within 60 days after all disbursements have been made. Minimum monthly payment of $50. Length of repayment period not more than 10 years.
Interest Rate:
Variable; capped at 9%.
Fees:
3% origination fee paid to U.S. Department of Education.
Loan Proceeds:
Federal PLUS Loans disbursed by check are required to be made co-payable to the parent and the school. Loan checks are mailed directly to the school by the lender. The school must certify the student's eligibility prior to releasing the loan proceeds.
In the case of an electronic funds transfer (EFT) or master check, the parent may provide authorization on the loan application or complete a Borrower Authorization Statement to apply funds directly to the student's account within the school.
Trustmark's lender code is 813721.
Member FDIC |
