GENERAL INFORMATION

Direct PLUS Loans are referred to as Parent PLUS Loans when the borrower is a parent of a dependent student. The PLUS loan is an unsubsidized loan available to the parents to help pay for educational expenses that are not covered by other financial aid.

Eligibility for the Parent PLUS Loan is as followed:

  • You must be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school
  • You must not have an adverse credit history
  • You must meet the general eligibility requirements for federal student aid (Your student must also meet these requirements).

Note: Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student.

APPLICATION PROCESS

  1. Complete FAFSA with eligible student
  2. Complete a Parent PLUS Loan Application
  3. If approved, complete a Parent PLUS Loan Master Promissory Note to accept the loan

ALTERNATIVE OPTIONS

If you are found to have an adverse credit history, you still have options!

  • Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the parent PLUS loan if you do not repay it. The endorser cannot be the child on whose behalf you are borrowing. Upon approval for either option, you will need to complete the Credit Counseling for Parent PLUS Loan Borrowers.
  • Submitting an appeal with the U.S. Department of Education if you believe that there are extenuating circumstances relating to your adverse credit history. Upon approval for either option, you will need to complete the Credit Counseling for Parent PLUS Loan Borrowers.
  • Your student may accept an additional Direct Unsubsidized student loan. Your student will need to contact the Financial Aid Office to submit their request. The loan amount is dependent on the year in school. Freshmen and Sophomores: $4,000 unsubsidized loan | Juniors and Seniors: $5,000 unsubsidized loan.

 

The Financial Aid Office has provided instructions on how to apply for the parent PLUS loan.

Direct Parent PLUS Loan Master Promissory Note (MPN)
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

Direct Parent PLUS Loan Credit Counseling
Credit counseling is required if you have adverse credit history and have obtained an endorser or documented extenuating circumstances to the satisfaction of the U.S. Department of Education. You may also voluntarily complete the counseling.