The Federal PLUS loan is available to the parent(s) of any dependant undergraduate student at Northwest Christian College who are looking for a way to finance their child's education. The PLUS loan can be applied for in any amount so long as it does not exceed the cost of attendance when it is combined with any other financial aid that the student is receiving.
How do I apply?
To apply for a Parent PLUS loan, you will need to fill out the 2007-2008 Parent PLUS Loan Request Form. Once this is completed and signed you can either mail it to the Financial Aid Office, fax it to 541-684-7317, or email a scanned copy of it to finaid@nwcc.edu with "Parent PLUS Loan Request Form" in the subject line.
What happens after I apply?
The PLUS loan requires that the lending institution perform a credit check of the borrower before the borrower is approved for the loan. If the borrower is approved for the loan, the borrower will need to complete a Master Promissory Note with the lender before loan funds wil be disbursed to the college.
What are my options if my parent is not approved for the PLUS loan?
In the event that the parent borrower is credit denied for the PLUS loan, the student borrower will become eligible for an additional unsubsidized Stafford loan in the following amounts according to their grade level:
Freshman/Sophomore (0-59 semester credits): $4000
Junior/Senior (60+ semester credits): $5000
This additional unsubsidized Stafford loan can only be offered to the student if the parent is denied the PLUS loan and not at any time before.
Another loan option that may be available is to apply for an Alternative or Private loan through a lender of your choosing. An Alternative loan is similar to a PLUS loan in that it can be applied for in any amount so long as it does not exceed the cost of attendance when it is combined with any other financial aid that the student is receiving. Unlike the PLUS loan, however, it is not a Federally guaranteed loan, it is in the student's name and not the parent's, is not automatically deferred while the student is in school, has a variable interest rate, and can not be consolidated with other loans after graduation.
Alternative loans tend to be a good option for independent student who need additional loan funds and students whose parents are denied for the PLUS loan. A student may be able to secure an alternative loan on their own provided that they earn at least $12,000 per year, or they may need a co-signer for the loan. The co-signer can be any friend or relative that has good credit and does not have to be the parent of the borrower. Once approved for an Alternative loan, the borrower needs to complete a Master Promissory Note that the lending institution will send to them before the loan funds can be disbursed. | 
