Federal Parent Loans
for Undergraduate Students
PLUS is for parents of dependent students
and is meant to help parents pay for their children's education. All
PLUS recipients receive their loan amount in one or two installments.
parents of PLUS applicants must prove their credit worthiness; the
PLUS applicant must complete a credit application from the lender.
interest rate for PLUS varies. Check with your lender or financial
aid officer for current rates. Repayment on PLUS loans begins 60 days
after the lender disburses the check. The minimum payment varies with
the amount of the loan.
Nursing Student Loan-for-Service
- How do I apply for student financial
You should first apply for a Pell Grant and have your Stafford Loan eligibility determined before applying for a PLUS. Applications for the PLUS Loan can be completed on studentloans.gov.
- How much will I get?
Your parents can borrow up to the total cost of attendance less any financial aid every 12-month period.
and when will I be paid?
There are two distribution options:
distributions are transferred via Electronic Fund Transfer to WNMU.
- Paper checks made co-payable to WNMU and parent are mailed to WNMU;
checks are then mailed to parent for endorsement together with an agency
check form containing instructions for completion.
purpose of this program is to increase the number of nurses in underserved
rural areas in New Mexico. Loans are provided to nursing students with
the understanding that the loans will be paid back with service in
a medically under served area upon completion of a nursing education.
This is a loan-for-service program and is available for nursing students
only. Three years of service will forgive the total loan. If you do
not fulfill this condition, you must repay the loan at an 18 percent
For further information on the New Mexico Nursing Student
Loan contact the New Mexico Higher Education Department at 1-800-279-9777.
Perkins Loan Program
Students must complete the FAFSA
to be eligible.
Students who demonstrate exceptional financial need may be eligible
for the program. The maximum award is limited to $5,500 per student/yr.
One of the greatest advantages of the Federal Perkins Loan program
is the cancellation option. A borrower may have all or part of the
loan (including interest) cancelled/forgiven for engaging in public
service such as teaching Special Education and handicapped children,
service in the education component of a Head Start program, service
in the Peace Corps or ACTION, service in underserved or low-income
areas, service as a Medical Technician, Nurse, Law Enforcement or Corrections
Officer, or service in the military.
9 months after you graduate, leave school, or drop below half
time status before interest begins to accrue and you must begin repaying
Minimum $40/month is required once loan enters repayment.
Must be repaid within 10 years from the date it enters repayment. Amortized
over 10 years.
The maximum amount an eligible student may borrow is
$5,500 per award year for a student who has not successfully completed
a program of undergraduate education or $8,000 per award year for a
graduate or professional student.
The maximum aggregate amount an eligible
student may borrow is: (1) $27,500 for an undergraduate student who
has completed two academic years and is pursuing a bachelorís degree; (2) $60,000 for a graduate or professional student, including loans borrowed as an undergraduate student; and (3) $11,000 for any student who has not completed two academic years of undergraduate work.
The borrower is eligible to have up to 100% of the loan canceled for
qualifying services, mentioned above. The cancellation rate per completed
academic year is:
- 15% of the original principal amount, plus
interest accrued during the year — for each of the first and second
of the original principal loan amount, plus interest accrued during
the year — for each of the third and fourth years; and
of the original principal amount, plus interest accrued during the
year — for the fifth year.
A 'Closed-end' or
'Limited' promissory note is utilized. This note is valid for not more
than 12 months and usually covers one award year or academic year.
It may also be used for one academic term. Students can get up to date account information at 303-221-5626
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