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, 2017 the interest rate is 7.00%.
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:
- In order to apply for a Federal Plus Direct Loan the parent must first go to https://studentloans.gov, log in with their FSA ID and Password, and choose 'Apply for a Direct Plus Loan.' You will then choose 'Direct Plus Application for Parents.'
- Your credit will be approved or denied instantly. Once you have seen your results, email email@example.com with the date of your application and the credit status. The results of the Plus Loan request will be transmitted to UW-Platteville from the processing center within 48 hours.
- Once you have your credit decistion and you have contacted firstname.lastname@example.org, complete the Plus Loan Request Form and send to our office. The loan will not be processed without having a completed and signed form.
- If the PLUS loan is approved the parent who requested the loan will need to complete a Master Promissory Note (MPN) at https://studentloans.gov. 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.