The Federal Direct Parent PLUS loan is offered by the Department of Education and is available to the parents of dependent undergraduate students. The Parent PLUS loan is a loan in the parent's name and the parent is responsible for repayment. This is a credit based loan, and the interest rate is fixed. Repayment begins once the loan has been fully disbursed (paid out).
To apply, parents should:
•ÌýÌý ÌýSubmit the Free Application for Federal Student Aid (FAFSA). Include the Â鶹Դ´ FAFSA school code, 001434, in the school release section.
•ÌýÌý ÌýComplete and submit the parent PLUS application and Master Promissory Note (MPN) online for the dependent student enrolled at Â鶹Դ´.ÌýÌý The Federal Direct loan program will complete a credit check and immediately notify the parent of the credit decision.
•ÌýÌý ÌýIf approved, the Federal Direct loan program will submit the Parent PLUS application to the Financial Aid Office to verify enrollment and eligibility. If eligible, a revised award letter will be generated.Ìý Student will be notified and directed to view their updated award letter via the student portal.
If the PLUS Loan application is credit denied, parents have the option to appeal the decision with the Federal Direct Loan Program or re-apply using an endorser (co-signer). If applicable, information regarding these options will be provided by the Federal Direct Loan program.
If parents are unable to secure a PLUS loan and the parents indicate on the loan application that they will not pursue an appeal or an endorser, their dependent student may be eligible to receive an additional Federal Direct Unsubsidized loan. The amount of the loan varies by the student’s academic level and is up to $4,000 for students with Freshmen or Sophomore standing and up to $5,000 per academic year for students with Junior or Senior standing.Ìý Ìý
The Federal Direct Loan program will notify the Financial Aid Office of the Parent PLUS loan credit decision.Ìý Based on the outcome of the PLUS loan application the Financial Aid Office will determine the student’s eligibility for the additional Federal Direct Unsubsidized loan.Ìý ÌýIf eligible, a revised award letter will be generated, the student will be notified and directed to view their updated award letter via the student portal.
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