Financial Aid

Parent Loans

Your parent can choose to utilize the Federal Parent PLUS loan or to utilize alternative loans.  The Parent PLUS loan has many positive attributes.  It offers a fixed interest rate of 7.9% with a 2.5% processing fee. In addition any interest paid on the PLUS loan is tax deductible.  

Beginning the Fall of 2008 you can defer repayment while your student is enrolled at least half-time (maximum of 5 years).   You can defer your payments in 2 different ways:

1.)  If your student has an active direct loan you can contact the Federal Direct Loan lender at 800-848-0979 and request a deferment over the phone.

2.)  If your student does not have a active direct loan you need to obtain a letter from the GVSU Records Office verifying your student's enrollment status.  You also need to write a letter asking the Federal Direct Loan lender for a deferment of payments.  You send both letters to:

U.S. Department of Education
Direct Loan Servicing Center
P.O. Box 5609
Greenville, TX 75403-5609

Additional information on the PLUS loan process can be found here. 

If your parent chooses an alternative loan most often they are the cosigner for you the student; not the primary borrower.  For additional information on alternative loans click here.