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Federal Parent PLUS Loan

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Hey, Parents!!
Thinking about taking out a Federal Parent PLUS Loan?

PLUS - Parent Loan for Undergraduate Student(s)

Before you start the loan process here is some important information that you need to know:

  • Federal PLUS Loans are loans that you can get to pay for your child's educational expenses.
  • Your student must be enrolled and attending at least half-time (6 credits) to be eligible.
  • As a parent you can borrow up to the student's cost of attendance minus any other financial aid. (For example, if the cost of attendance is $6,000 and the student receives $4,000 in other financial aid, you the parent could borrow up to-but no more than-$2,000.)
  • If your dependent student has not completed the current years Free Application for Federal Student Aid - FAFSA, we recommend that you do.
  • To borrow a Federal PLUS Loan you must pass a credit check, be a citizen or eligible non-citizen, and must not be in default or owe a refund to any Federal Student Aid program.
  • All Federal PLUS Loans will be disbursed in two disbursements.
    If the student owes the college, the parent must endorse the check and return it to the college to pay the students account before a refund will be sent to the parent or student.
  • If the student does not owe the college, the college will release the check to the parent.
  • Repayment of the Federal PLUS Loan must begin within 60 days after the last disbursement, but interest begins to accumulate at the time the first disbursement is made.
  • You must begin repaying both principal and interest while your student is in school.
  • Current interest rates are avilable online.

You have two options, please read the following and select the appropriate option.

  • KnowNow
    KnowNow is the PLUS Pre-Approval Credit Request and is a convenient way for you, the parent borrower,to determine your credit worthiness for the loan before going thru all of the steps to complete the PLUS Master Promissory Note. It will provide you with a quick notification of the results. You will want to complete the Pre-Approval even if you feel that your credit worthiness may prevent you from qualifying for the loan. Knowing the results, either way, will help in the processing of an aid package for the student.
  • PLUS App Express
    The PLUS App Express will check to see if you have a current Pre-Approval on file. If it is older than 90 days or you have never completed one you will be sent to Know Now PLUS Pre-Approval before continuing on to do the PLUS Loan Application. If you have a current Pre-Approval you will proceed directly to the loan application.

Once the above is completed. your information is submitted electronically to the Student Financial Assistance Office for further processing.


Last Updated 1/20/06