Apply Now
Parent PLUS Loan
Congratulations on your student's wise decision to get a higher education. A college education or technical training can help students get a good job, earn more money and enjoy a better life.
Let us help your student achieve those goals by choosing the Alabama College Loan Program as your lender (lender #834281.)
Federal PLUS Loan
The following is a comprehensive listing of information for those interested in applying for a Federal Plus Loan.
What We Offer
- 3% origination fee
- 1% federal default fee
- 0.25% interest rate reduction for auto debit
The Advantages of Working with the Alabama College Loan Program
- Quick application processing
- Prompt quarantee of loans
- Quality servicing for the life of the loan
-
Repayment Incentives
Borrower Eligibility
- Must be a graduate or professional student enrolled at least half-time in a degree or certificate program
- Pass a credit check
- Be a U.S. citizen, permanent resident or eligible non-citizen
Application Requirement
- Complete a Free Application for Federal Student Aid (FAFSA) (This also applies for federal grants and work-study, as well as for many state financial aid programs.)
- Required credit check performed at no cost
- Complete a Plus Master Promissory Note. You can do this online or print out a paper copy.
Maximum Loan Amounts (PLUS Loans)
Total annual cost of education (tuition, fees, housing, meals, etc.) less financial aid awarded (scholarships, grants, work-study and loans).
Interest Rate
Interest accures while you are in school. Loans disbursed on July 1, 2006, or later have a fixed interest rate of 8.5%. Loans disbursed before July 1, 2006, have a variable interest rate that changes every year. The variable rate is based on the 91-day Treasury bill rate. Your lender will let you know each year what teh new interest rate is on any variable-rate loans you have.
Repayment
Payment or principal and interest begin approximately 30-45 days from the date the loan is fully disbursed. The repayment loan term is 10 years with a minimum payment of $50. Principal deferment options are available.
Billing
Convenient monthly statement
Disbursement
Checks are co-payable to you and the school and are mailed directly to the school
Lender
The Alabama College Loan Program
Lender Code: 834281
Telephone Number
Loan Origination Loan Servicing
888.678.4625 800.693.8220