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Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan is available to parents (eligible parents include the stepparent, if listed on the FAFSA, the biological, or adoptive parents) of dependent undergraduate students to assist in supporting their financial aid award. The loan can be used to cover educational expenses not met by the student’s other financial aid awards.

Applying for the Federal Direct Parent PLUS Loan

  • Step 1 of 2: Complete a Federal Direct PLUS Loan Application at www.studentloans.gov
    • Once the parent has signed in, select “Request a Direct PLUS Loan” then select and follow the instructions for the “Parent PLUS”
  • Step 2 of 2: Complete a Federal Direct PLUS Loan Master Promissory Note (MPN) at www.studentloans.gov
    • Once the parent has signed in, select “Complete Master Promissory Note” then select and follow the instructions for the “Parent PLUS”

Qualified Borrowing Amounts

Requirements

  • The student for whom the parent is borrowing must have a FAFSA on file
  • The Direct Parent PLUS Loan is subject to a credit analysis. In the event of adverse credit, the borrower may obtain a credit worthy co-signer to receive the loan, appeal the credit decision, or allow their student to receive an additional amount of Unsubsidized Stafford Loan. A freshman or sophomore student may receive up to an additional $4,000 for a year. A junior or senior student may receive up to an additional $5,000 for a year

Repayment

  • Repayment begins 60 days after the loan is fully disbursed
  • The parent borrower has the option to defer the repayment of the loan to begin six months after the student, for whom they have borrowed, graduates or ceases to be enrolled at least half-time. The deferment option may be selected when applying for the loan or at a later time by contacting their loan servicer
  • If the deferment option is chosen, the loan will accrue interest while on deferment
  • View interest rates and origination fees for more information on the fees associated with this loan