An eligible dependent student’s creditworthy parent or stepparent may apply for a Federal Direct Parent (PLUS) Loan through the College’s Office of Financial Aid. The maximum annual PLUS loan amount is the total cost of attendance minus all financial aid, if any. One-half of the approved loan amount is disbursed each semester, minus a 4% origination and guarantee fee, and an interest rebate equal to 1.5% of the gross amount. Thus, the net amount credited to the student's account is 2.5%. Repayment begins 60 days after the loan is disbursed; the interest rate, which varies annually and is subject to a 9% cap, was 7.9% for 2008-09. Early application is encouraged to allow adequate processing time prior to the payment due date and to avoid the College’s late payment fee. Please contact the Office of Financial Aid at 1/800/877-3688 or financialaid@wooster.edu to request an application or additional information.

Other Loan Options

Many Wooster students choose the Key Alternative Loan, which is offered by Key Education Resourcers and is made in the student's name. One-half of the Key Alternative Loan amount is credited toward each Semester's fees. Please see http://www.key.com for details.
Explore other comparative loan options at these Web sites; http://www.simpletuition.com & http://www.nextstudent.com.