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PLUS Loans for Parent Borrowers
California Bank and Trust's PLUS Loan Program is for parents borrowing on behalf of dependent students. Taking advantage of the California Bank & Trust PLUS Loan borrower benefits can really add up.

Loan Eligibility Requirements
· Borrow for dependent undergraduate students attending a school participating in the Federal Family Education Loan at least half-time.
Additionally the parent and their dependent student must:
· Be U.S. citizens or eligible non-citizens with valid Social Security numbers.
· Not be in default on any education loans.

Disbursements
As a general rule, loan disbursements will be sent to the school. The loan funds will first be used to pay for tuition, fees, room and board, and other education expenses. Any remaining loan funds will be refunded to the parent/borrower. Funds must be used for education expenses.

Repaying Your PLUS Loan
When borrowers enter repayment, they take on the responsibility of repaying the loans that helped pay for their dependent's education.

As PLUS Loan borrowers, parents are responsible to fulfill certain obligations. Repayment on PLUS Loans begins immediately and the first payment can be due 60 days after full disbursement of the loan funds, unless the borrower is eligible for deferment. There is no grace period for PLUS Loans. Interest begins to accumulate at the time the first disbursement is made. The PLUS Loan borrower will begin repaying both principal and interest while the student is in school. The maximum repayment period is 10 years and the minimum monthly payment is $50 or the interest due on the loan, whichever is greater.

Under limited circumstances, a borrower can receive a deferment or forbearance on the PLUS Loan. During deferment, no payments are required; however, the borrower will be responsible for the interest on the loan. Parent borrowers cannot receive a deferment if a PLUS Loan is in default. During forbearance, payments are postponed or reduced, but the parent borrower will still be responsible for the interest.

We're making PLUS Loan application easier than ever with Instant PLUS Loan pre-approval
The on-line Federal Stafford PLUS Loan pre-approval process allows for a quicker response by allowing the borrower to pre-qualify on-line. The pre-approval qualification is consistent with guidelines as established by the U.S. Department of Education.

Download the Application and Promissary Note for Federal PLUS Loans (.pdf)