Direct PLUS Loan Calculator
Why Do You Need a PLUS Loan Calculator?
When applying for a Federal PLUS Loan, it's important to account for the origination fee, which reduces the actual amount paid to a student’s billing statement. This means the amount you apply for must be slightly higher than the amount needed to ensure there is no balance due after your PLUS loan is processed.
How to Use Our PLUS Loan Calculator
To simplify the process, our PLUS Loan Calculator provides two ways to determine the correct amount to request on your Parent PLUS Loan application.
Option 1: If You Already Know the Amount Needed
- Enter the amount you need in the “Amount Needed” field.
- The calculator will automatically display the “PLUS Gross Amount”—this is the total amount you should request on your PLUS Loan application, which includes the origination fee.
Option 2: If You Need to Determine the Amount Needed
- Enter your Tuition and Fees and Housing and Food costs.
- Enter any Scholarships and Grants you have received.
- Enter any Accepted Student Loans that are already covering a portion of the costs.
- The calculator will show the remaining expenses you need to cover as well as the PLUS Gross Amount, accounting for the origination fee. The PLUS Gross Amount is the amount you should request on your PLUS Loan Application.
By using the PLUS Loan Calculator correctly, you can confidently apply for the right loan amount on the PLUS Application, avoiding unexpected shortages in covering intended educational costs.
If you still need assistance determining the amount to apply for, please call our office at 540-231-5179, email us at finaid@vt.edu, or stop by our office in the Student Services building.