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PLUS Loan - Grandfathering Rules
Parent PLUS Loans – Grandfathering Rules
Returning students are eligible to receive the Parent PLUS loan under the previous rules if your parent is approved for a new Plus loan, and all the following are true:
- You are an existing borrower (you’ve already taken out a Direct Stafford or Plus Loan) in your program.
- Your stay in the same degree type (i.e. Bachelor of Arts to Bachelor of Science maintains the same degree type, Associate in Science to Bachelor of Science does not).
- You are within 3 years OR the time to credential (complete your degree), as listed in the institution’s catalog, whichever is shorter. Note that extra time is not given to part-time students to earn the credential.
Important:
- If any of these conditions are not met, you will move to the new rules.
- If you move to the new rules and have already received more than $65,000 in Parent Plus loan funds, you will no longer be eligible for Parent PLUS loans.
Graduate PLUS Loans – Grandfathering Rules
Returning students are eligible to receive the Graduate PLUS loan under the previous rules if you are approved for a new Plus loan, and all the following are true:
- You are an existing borrower (you’ve already taken out a Direct Stafford or Plus Loan) in the program.
- You stay in the same degree program (for example, you cannot switch to a program outside of your current 4-digit Classification of Instructional Programs (CIP) code.
- Grandfathering provision is for up to 3 years OR the time to credential (complete your degree), as listed in the institution’s catalog, whichever is shorter. Note that extra time is not given to part-time students to earn the credential.
Important:
- If any of these conditions are not met, you will move to the new rules and will no longer be eligible for Graduate PLUS loans.