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We wanted to put an on-line calculator in this section, and eventually we will. But for now, you'll need to follow along, and calculate your own PLUS Loan maximum. You don't need to be a banker or financial wizard: a hand calculator and your student's award letter should be all you need. Example 1 Kelley, a freshman, receives a total financial aid award of $23,000, and her Cost of Attendance on the award letter is $31,382.00. $4,000 of Kelley's aid comes from the Parent Loan Opportunity. Kelley's mother, Anne, just wants the $4,000 shown in Kelley's award letter. How much should she apply for? Anne should assume the PLUS lender will deduct 3% from any amount she applies for. Anne subtracts the fee percentage, or 3%, from 100%, and gets 97%. She then divides the $4,000 she wants to receive by 97% expressed as a decimal: 4,000/.97 = 4,123.71 Rounding up, Anne knows she should apply for $4,124.00 to get $4,000.00. During the loan processing/certification phase, Saint Martin's will add 124.00 to Kelley's Cost of Attendance to make room for the fees.
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