Federal Direct PLUS Loan Program
Federal Direct PLUS Loan Program offers loans to parents of students directly from the Federal Government. These variable-rate, low-interest, long-term loans are unsubsidized. Interest becomes due 60 days after the parent or graduate student receives the loans. The interest can be deferred until the student leaves school. Applicants must complete the electronic Free Application for Federal Student Aid (FAFSA). Loan amounts may vary depending on the cost of education and other financial aid the student receives.
Federal Direct PLUS Loan Program offers loans to parents of students directly from the Federal Government. These variable-rate, low-interest, long-term loans are unsubsidized. Interest becomes due 60 days after the parent or graduate student receives the loans. The interest can be deferred until the student leaves school. Applicants must complete the electronic Free Application for Federal Student Aid (FAFSA). Loan amounts may vary depending on the cost of education and other financial aid the student receives.
PARENT PLUS LOANS
To apply for a Parent PLUS Loan: Your parent should go to studentloans.gov , sign in with their FSA ID and then click on “Complete PLUS Request Process." If the parent who signed the FAFSA is not the one completing the PLUS Request, the other parent can request an FSA ID at fsaid.ed.gov.
Master Promissory Note
Information about your loans will be submitted to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools, lenders, and guarantors for specific purposes that we authorize.
ADDITIONAL LOAN TOOLS
To apply for a Parent PLUS Loan: Your parent should go to studentloans.gov , sign in with their FSA ID and then click on “Complete PLUS Request Process." If the parent who signed the FAFSA is not the one completing the PLUS Request, the other parent can request an FSA ID at fsaid.ed.gov.
- If the credit decision is approved: When an approved credit decision acknowledgment is received the parent can then complete a Master Promissory Note (MPN) on-line at studentloans.gov. Upon request, we will mail him/her a paper MPN to be signed and returned to the Office of Scholarships and Financial Assistance.
- If the credit decision is denied: If the parent did not indicate their choice, they will be mailed a letter indicating the options that are available to them. When a negative credit decision is received, our policy is to move eligibility to additional Unsubsidized Loans for the student unless the parent has indicated that they wish to pursue one of the other options. A maximum of $4,000 for freshmen and sophomores and $5,000 for juniors and seniors may be awarded.
Master Promissory Note
Information about your loans will be submitted to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools, lenders, and guarantors for specific purposes that we authorize.
ADDITIONAL LOAN TOOLS
- Loan consolidation calculator: Allows borrowers to estimate the repayment period, interest rate, and repayment schedule if they consolidate
- Deferment navigator: Allows borrowers to determine deferment eligibility based on when their oldest outstanding loan was disbursed
- Student loan repayment calculator: Allows borrowers to estimate payments on federal student loans, as well as determine how much salary is needed to support student loan debt
- Income-based repayment calculator: Allows borrowers to estimate monthly payment amounts under the income-based repayment plan