Parents play an important role in guiding their children through success. As a result, the U.S. Department of Education has designed tools such as the Parent Plus loan to assist parents in funding their children’s education.
What is the Parent Plus Loan?
The Parent Plus Loan is a loan available for dependent undergraduate students to help pay for education expenses. The U.S. Department of Education will make Direct Plus Loan to eligible borrowers through schools participating in the Direct Loan Program. In this case, the U.S. Department of Education will act as the lender.
Who qualifies for the Direct Plus Loan?
In order for parents to qualify for the Plus loan the following eligibility requirements must be met:
- A Free Application for Federal Student Aid (FAFSA) must be submitted
- Parent must be the student’s biological or adoptive parent or stepparent
- Parent must be a U.S. Citizen or eligible not citizen
- Parent may not have an adverse credit history
- Parent must submit a Master Promissory Note
- Student must be enrolled at least half-time so parent can request parent plus loan
- Student must be enrolled in at eligible program that leads towards a certificate or degree
In the event that borrower is not able to obtain a Plus loan, dependent students may be eligible for an additional unsubsidized loan to help pay for the student’s education. The Financial Aid Department can provide further information.
Where to apply?
Parents can complete the credit check request and submit Master Promissory Note at Student Loans. Parent should have their FSA ID and password available. If parent has not applied for a FSA ID, he or she can do so at FSA ID Application. In addition, parents can complete the Parent Plus Pre-approval Form from the Financial Aid Department, so schools can perform credit check on their behalf.
For further guidance and information, please visit Federal Student Aid.