Getting a PLUS or Alternative Loan
You can learn more about the PLUS and Alternative Loan programs by clicking HERE.
HOW TO GET A PLUS OR GradPLUS LOAN
FAFSA
If a family decides not to complete the FAFSA, but still wants to pursue a PLUS Loan they will need to contact our office to receive and complete the PLUS Only Forms. These forms are required to allow Baylor to certify a lender-approved PLUS Loan when a FAFSA is not on file for the student.
GradPLUS Loans require neither the FAFSA or the PLUS Only Forms.
How do I apply for a PLUS or GradPLUS Loan?
You apply for Parent PLUS and GradPLUS loans directly with the lender of your choice. Below is our PLUS Lender List, but you are not restricted to these lenders and may choose any lender you prefer: PLUS Lenders' List
What happens if the loan is approved?
If your parent's lender approves their PLUS Loan or if a graduate student has their GradPLUS approved, their lender will then send Baylor a Certification Request.
Before any lender can issue a PLUS loan, they must first obtain Baylor's certification of the student's enrollment, cost of attendance, Satisfactory Academic Progress status, and the difference between the student's cost of attendance and their financial aid.
All PLUS Loans require the student be enrolled in at least half-time hours.
It can take two weeks or longer to complete the loan process from application to certification. Therefore we recommend your parent start the loan application process before June 1, 2009 to ensure the funds can be applied to your fall semester bill before the fall bill due date (July 31, 2009).
What happens if my parent is denied the PLUS by their lender?
If your parent is denied the PLUS Loan by their lender, then you can receive an Additional Unsubsidized Federal Stafford Loan.
Your parent will need to send our office a copy of their denial letter.
The lender should provide the following on your parent's denial letter: • Your full name
• At least the last four digits of your Social Security number
• Your parent's full name
• At least the last four digits of your parent's Social Security number
You can learn more about the Additional Unsubsidized Federal Stafford Loan HERE.
HOW TO GET AN ALTERNATIVE LOAN
You apply for alternative loans directly with the lender of your choice. Below is our Alternative Lender List, but you are not restricted to these lenders and may choose any lender you prefer:
Alternative Lenders' List
What happens if my alternative loan application is denied?
Unfortunately, there is no additional loan that can be awarded to a student when an alternative loan has been denied. These are loans of last resort.
What happens if the loan is approved?
Before any lender can issue an alternative loan, they must first obtain Baylor's certification of the student's enrollment, cost of attendance, and the difference between the student's cost of attendance and their financial aid.
Some lenders additionally require the student to be making Satisfactory Academic Progress (SAP), and be enrolled in at least half-time hours.
What if I'm not making Satisfactory Academic Progress (SAP) or I won't be enrolled at least half-time
If a student is not making Satisfactory Academic Progress (SAP) or will not be enrolled in at least half-time hours, they must research to find a lender who does not have these requirements.
HOW MUCH DO I TAKE OUT IN A PLUS OR ALTERNATIVE LOAN?
Since fall bills will not be generated until mid-July, you will need to apply for a loan before you receive your fall bill.
If you need help in figuring how much you should take out in these types of loans, you should follow the link below for assistance.
How Much Do I Take Out in Loans?
The above chart will help you estimate your Baylor charges along with indirect costs of attending Baylor, and subtract your financial aid resources to determine how much, if any, you need to take out in a PLUS or Alternative Loan.
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