Parent borrowers are charged a 4% fee that goes
to the federal government to help reduce the cost of
this program. The fee is deducted from the amount
your parents borrow before the College receives the
Loan funds are sent to the College in two
disbursements, half for the fall semester and half for
the spring semester.
Repayment begins within 60 days after the loan
is fully disbursed. There is no grace period with
this loan. Terms of repayment includes 10-year
repayment. There is no penalty for early payment,
and outstanding loans can be consolidated into one
monthly payment. Parents also have the option of
deferring payments or making interest-only payments
while the student is enrolled in school. The PLUS
Loan also provides a built-in insurance for death
and disability that applies to both the borrower and
student at no additional cost.
If your parents have any questions regarding the
Parent Plus Loan process, please have them contact
the Financial Aid Office for more information.
Monthly Payment Plan
Lycoming is pleased to offer families the
opportunity to meet educational expenses over
a 10-month period through a plan provided by
TuitionPay. The annual monthly payment plan is
designed to relieve payment pressure by allowing
families to spread the cost over the academic year.