Federal Direct Parent PLUS Loan Information Guide & Request Form
Determining How Much to Borrow
Parents may borrow a Federal Direct PLUS Loan for an amount up to the student’s educational expenses minus other financial aid.
We recommend using the worksheet and budget/cost of attendance figures below or information from your student’s financial aid award notice to help you determine the amount of PLUS Loan you may borrow. Alternatively, you can check the box for “Maximum PLUS Eligibility” on the PLUS Request Form and our office will determine the amount for you.
PLUS Eligibility Worksheet
The amount of PLUS Loan you may borrow is limited to your student’s cost of attendance minus other financial aid that she/he receives:
Back to worksheet2009 – 2010 CSU Long Beach Academic Year Budgets/Cost of Attendance
| Expenses | Commuter | On-Campus Housing | Off-Campus Housing |
|---|---|---|---|
| Fees | $3,698 | $3,698 | $3,698 |
| Room & Board | $4,338 | $10,832 | $10,872 |
| Books | $1,638 | $1,638 | $1,638 |
| Travel | $1,272 | $1,182 | $1,236 |
| Miscellaneous | $2,146 | $2,030 | $2,290 |
| TOTAL | $13,092 | $19,380 | $19,734 |
Know Before You Owe!
When determining the amount to borrow through the Federal PLUS Loan, it’s important to keep in mind how much you’ll be required to pay while in repayment. The sample repayment chart below is based on a standard 10-year repayment period. When you enter repayment you will have the opportunity to choose from three different payment plans and to extend the repayment term to up to 25 years. Keep in mind that the longer the repayment term, the more you will pay back in interest.
| Principal Amount Borrowed | Number of Monthly Payments | Amount of Monthly Payment |
|---|---|---|
| $5,000 | 119 | $ 50.00 |
| $10,000 | 120 | $120.80 |
| $15,000 | 120 | $181.20 |
| $20,000 | 120 | $241.60 |
| $25,000 | 120 | $302.00 |
| $30,000 | 120 | $362.40 |
| $35,000 | 120 | $422.80 |
| $40,000 | 120 | $483.20 |
Direct Loans
For more information on the repayment of Direct Loans, including the available repayment options
Direct Loan Repayment Calculator
See how the different repayment plans would impact the monthly payment amount.