Parent PLUS Loan
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Federal Parent Plus Direct Loan
Parent Plus loans are unsubsidized loans for the parents of a dependent student. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Effective July 1, 2015 the interest rate is 6.84%.
Requirements to receive a Parent PLUS Loan:
- You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application.
- Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program.
- Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
- Parents and their dependent child must be U.S. citizens or eligible non-citizens,
- Must not be in default on any federal education loans or owe an overpayment on a federal education grant.
Steps to apply for a Federal PLUS Direct Loan:
- If you are applying for Fall 2016 or Spring 2017 please complete the Parent PLUS Loan Request Form. The forms can be emailed to firstname.lastname@example.org, faxed to 608.342.1281 or mailed to UW-Platteville Financial Aid Office, 1 University Plaza, Platteville WI 53818
- The PLUS Loan request will be processed by UW-Platteville and transmitted to the Direct Loan Servicing Center for approval. Approval requires a basic credit check. The Direct Loan Servicing Center will notify the parent borrower by mail, with either approval, denial, or a request for additional information. For questions and answers about the credit decisions call the Direct Loan Services Center at 1.800.557.7394.
- If the PLUS Loan is approved the parent who requested the loan will need to complete a Master Promissory Note (MPN). This can be completed at https://studentloans.gov. The parent completing the MPN will need a FSA ID (username and password). This serves as your electronic signature. If you applied for a PIN, when you completed your student's FAFSA, you will need to create a FSA ID, which has replaced the PIN. The MPN is valid for your student for up to 10 years. If a parent has a cosigner, a new MPN must be done each year.
- When you go to https://studentloans.gov you will need to sign in using your FSA ID. You will select "Complete Master Promissory Note". Then you must select Parent Plus. When you have completed all the required steps you will be directed to submit the MPN.