Student Financial Services
Student Financial Services


Financial Aid: Loans

Parent PLUS

Quick Links: Direct Parent PLUS Loan MPN (MPN required for first time Direct Loan PLUS borrowers only)
                    Plus Request (required annually)
                    Information on Direct loans for parents
                    Compare PLUS and Alternative Loans

Lender: U.S. Department of Education

Eligibility requirements: Dependent undergraduate student must file a Free Application for Federal Student Aid (FAFSA). Borrower must be a parent (biological, adoptive, or in some cases, step-parent) of a dependent undergraduate student enrolled at least half time (6 credits), making satisfactory academic progress. Credit check required, eligibility is not guaranteed.
Current interest rates/fees / loan limits: Direct PLUS loans for parents
Process:

  1. PLUS Request:
    • Required annually; completed at www.studentloans.gov.
    • Request includes loan amount options: Maximum (allows awarding to cover direct charges not covered by other aid) or specific loan request amounts.
    • If parent borrower is not approved the student may be awarded additional Unsubsidized Stafford loan: $4000 FR/SO $5000 JR/SR.
    • Revisions to your initial request may be made by contacting SFS.
  2. DL PLUS MPN
    • Completed at www.studentloans.gov.
    • MPN is borrower and dependent student specific; a parent PLUS MPN is required for each dependent student.
    • A second MPN will be required if the previous MPN required an endorser or has otherwise become inactive.

Interest accrual begins: When funds are disbursed
Repayment begins: 60 days after the last scheduled disbursement. The parent borrower may defer repayment while the student on whose behalf the loan has been borrowed is enrolled at least half-time and for an additional six months after the student ceases to be enrolled at least half-time.

Direct Loan Servicer Information
Loan Repayment Information
Paying accruing interest early: Contact your Direct Loan servicer for information.



Last Updated: 5/29/2014



spacer