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Parent Loan Options

Federal PLUS (Parent Loan for Undergraduate Students) Information
First-Time PLUS Application Process
Renew a PLUS Loan
Increase or Decrease a PLUS Loan
Repayment of a PLUS Loan

Federal PLUS (Parent Loan for Undergraduate Students) Information

A Federal Direct PLUS Loan is a loan for parents of a dependent student. To apply for a Federal Direct PLUS Loan, follow the appropriate steps listed below.

This loan is subject to credit analysis. If the analysis reveals adverse credit, you can still borrow this loan with a credit worthy co-signer.
Parents may borrow up to the amount of the student's cost of education, which Iowa State University refers to as the Cost of Attendance, minus any other financial aid.
The net origination fee of 2.5% is deducted proportionately from each loan disbursement. By law, the total origination fee is 4%; however Direct Loans currently offers a 1.5% rebate on this origination fee. If you fail to make 12 on time monthly payments, a charge for the difference between the 2.5% origination fee and the 4.0% origination fee will be added to the outstanding balance of the loan.
The Federal Direct PLUS Loan interest rate is fixed at 7.9%. If you took out a PLUS loan prior to July 1, 2006, you will have a variable interest rate. Please check your account with Direct Loans at www.dl.ed.gov to find your interest rate.
PLUS Loan funds are generally disbursed in two payments over the course of an academic year. Remaining funds will be distributed to the parent, or with parent's written permission, to the student.
Repayment of a Direct PLUS loan begins 60 days after the full amount borrowed for a school year has been disbursed.
To determine your monthly payment amount, refer to the Federal Repayment Calculator.

First-Time PLUS Application Process

To obtain the Federal Direct PLUS Loan, you will need to complete the two items below:

To complete the MPN online, you will be required to sign this document electronically using your Department of Education (FAFSA) Pin. To request a pin, please go to: http://www.pin.ed.gov/PINWebApp/pinindex.jsp

If you prefer to sign a paper MPN, you can request one from the Office of Student Financial Aid when you complete the PLUS Loan Information Sheet. Please note that an electronic MPN usually processes in about 2 weeks, while a paper MPN will take 3-4 weeks to process.

Renew a PLUS Loan

If you are renewing a PLUS loan, you only need to complete a new PLUS Loan Information Sheet. A new Master Promissory Note (MPN) is not required unless previous adverse credit history required a co-signer.
If you previously had an adverse credit history, you will be required to complete a new MPN with a co-signer.
Once the MPN is completed, the Department of Education will send you the required endorser (co-signer) information.

Increase or Decrease a PLUS Loan

To increase a PLUS Loan, you will need to complete a new PLUS Loan Information Sheet.
To decrease a PLUS Loan, please contact the Office of Student Financial Aid by calling (515)294-2223 or (800)478-2998.

Repayment of a PLUS Loan

PLUS Loan funds are generally disbursed in two payments over the course of an academic year. Remaining funds will be distributed to the parent, or with parent's written permission, to the student.
Repayment of a Direct PLUS loan begins 60 days after the full amount borrowed for a school year has been disbursed.
To determine your monthly payment amount, refer to the Federal Repayment Calculator.

Private Loan Options for Parents

Some Iowa State University families have chosen to use a private loan to fund their students’ education instead of the Federal Direct PLUS Loan. The main benefit to private funding is that payments are often deferred until after the student graduates or is enrolled on a less than half time basis. Education Finance Partners offers a private loan for parents or others wishing to help fund a student’s education. The Education Finance Partners Private Loan can be used if a parent or other borrower selects the “Sponsor” option on the loan application. For more information on this loan product, please go to http://www.educationfinancepartners.com/private-student-loans/.