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Federal Parent PLUS Direct Loans

General Information

Federal Direct Parent PLUS loans are loans in the parents’ name.  The yearly limit on a PLUS loan is the student’s cost of attendance minus any other financial aid received (this includes loans, grants, federal work study, and scholarships).  Eligibility for these loans is not based on financial need.  If a PLUS loan is denied, the student may be eligible for additional unsubsidized loan money. The federal government does not pay the interest on the Federal Direct PLUS loans.

Eligibility

  • Be a parent to a dependent, undergraduate student who is enrolled at least half-time in a degree-granting program
  • Students must have a FAFSA completed and filed by March 11
  • Meet all other Title IV Federal Financial Aid program requirements for the dependent undergraduate student (i.e. quality assurance requirements, academic progress)
  • The parent must pass a credit check performed by the U.S. Department of Education
  • The parent must be a citizen of the United States or a United States Permanent Resident
  • Parents must apply each year for the PLUS loan by completing the 2009-2010 Parent PLUS Loan Application (PDF | 318KB) for the appropriate academic year.
  • A Master Promissory Note (MPN) must be signed online by the parent who applied for the PLUS loan using the assigned FAFSA PIN.  Note:  The MPN only needs to be completed once if the same parent borrows every year, unless the loan was cosigned by an endorser.

Requesting Changes

Parents may request changes to their Parent PLUS Loan for the following reasons by completing the 2009-2010 Parent PLUS Loan Change Form (PDF | 308KB).

  • Cancellation for any term or terms.
  • Cancellation of future un-disbursed amounts after receiving the first disbursement.
  • Reinstatement of a previously cancelled Parent PLUS Loan.
  • Reduction of the loan amount

Should the parent be applying for the Parent PLUS loan to apply to Summer Terms then please complete the 2009 Summer Parent PLUS Change Form (PDF | 302KB)

What to do if your Parent PLUS Loan is denied

If the Parent has their Parent PLUS Loan Application denied, the student may be eligible for an additional Federal Direct Unsubsidized Stafford Loan amount. Students in this situation should complete the 2009-2010 Parent PLUS Loan Denied (PDF | 287KB)  for the appropriate academic year to request an increase in their Stafford loan.