Parents with good credit can use the Federal Direct Parent PLUS Loan Program to help pay for educationally-related costs, including, but not limited to, general enrollment fees, tuition, room/board, books, and miscellaneous personal expenses. Eligibility in this program is not contingent upon financial need.
As the parent, you are responsible for the interest on the loan while your student is in school, but payment can be deferred.
- Must file the FAFSA
- Not based on financial need
- After the FAFSA has been completed and aid determined, the parent can apply for the Parent PLUS Loan.
- You must complete the application, master promissory note AND plus credit counseling.
- Your student must be at least half-time
- Eligibility must be determined and loan originated before the end of the academic period for which the loan is being requested.
- Your student can’t accept a Parent Loan for their parents on their portal.
- You (the parent borrower) should complete the Parent PLUS Application. You will need your Federal Student Aid ID (same one used to sign your student’s FAFSA) to log in to the website to apply.
- New Parent PLUS borrowers also need to complete a Parent PLUS Loan Master Promissory Note (MPN). After you submit the Parent PLUS application, you can complete this step at the same website.
- If the parent is borrowing through the Parent Loan program for more than one student, a separate MPN will be completed for each student.
- You can still borrow if someone agrees to endorse the loan (promises to repay the loan if you fail to do so) or if you successfully appeal the decision by documenting extenuating circumstances. This process is handled between you and the federal government’s loan servicer at studentloans.gov.
- In either situation above, you must complete PLUS Counseling before the loan can be disbursed.
- Another option is for the student to instead request an additional Unsubsidized Loan, which is a limited amount based on the student’s class level and eligibility within his/her cost of attendance. Your student can make this request in our office.