Beginning with the 2010-2011 academic year, Salem College will participate exclusively in the Federal Parent PLUS Direct Loan programs.
The traditional Federal Family Educational Loan Program (FFELP) loans (i.e., Stafford Loan and Parent PLUS Loan) through banks, credit unions, and other student loan lending companies will no longer be processed at Salem College, as we will stop doing business with these lenders. Under the Direct Loan Program, parents borrow from the federal government through Salem College and lenders are eliminated from the picture.
There is no grace period for Direct PLUS Loans - the repayment period for each Direct PLUS Loan you receive begins 60 days after your school makes the last disbursement of the loan. However, if you're a parent PLUS borrower who is also a student, you can defer repayment while you're enrolled in school at least half time and for an additional 6 months after you graduate or drop below half-time enrollment.
To apply for for a Federal Parent PLUS Direct Loan, you must complete the Master Promissory Note as well as the PLUS application to authorize a credit check. From the website, click "Sign In" under Manage My Direct Loans.