Parent borrowers are charged a 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 funds.
for the fee amount.
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,
which may be extended under certain circumstances.
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 through a plan provided
by Higher One. The monthly payment plan is designed
to relieve payment pressure by allowing families to
spread the cost over the academic year.