Federal Direct Parent Loan for Undergraduate Students (PLUS)
Student Full Name Banner ID
ACES E-mail Home College
Federal Direct PLUS loans are for parents of undergraduate students who wish to help pay educational expenses for their
dependent child.
OVERVIEW:
• The U.S. Department of Education is the lender.
• The borrower must not have an adverse credit history
.
• L
oans have a fixed interest rate of 7.6%.
• The maximum loan amount is the student’s Cost of Attendance (determined by the school) minus any other financial
aid received.
• Borrower must be a parent (biological, adoptive, or in some cases stepparent) of a dependent student enrolled at lea
st
half-t
ime
.
• Student must meet the general requirements for Federal Student Aid.
• See https://studentaid.ed.gov/sa/types/loans/plus
for helpful information on Direct PLUS loans.
REQUIRED:
All parent borrowers are required to complete a Master Promissory Note (MPN) for their Direct PLUS loan. MPNs may be
completed by going to studentloans.gov. The MPN process must be completed before the loan can be originated and funded.
Adverse Credit History:
A credit check will be performed during the application process. For options available to those with adverse credit history,
please see https://studentaid.ed.gov/sa/types/loans/plus
.
If a parent borrower is unable to secure a Direct PLUS loan, the undergraduate dependent student may be eligible for additional
unsubsidized loans to help pay for their education.
CREDIT BALANCE OPTION
The Direct PLUS Loan will first be applied to the student’s school account to pay for allowable charges. Any loan amount that
remains after these charges have been paid is called a credit balance. You may choose to have the school pay the credit balance
directly to you or to the student.
If there is a credit balance after your Direct PLUS Loan has been applied to the student’s school account, to whom do you
want the school to pay the credit balance?
Me, the Parent The Student
PARENT INFORMATION (All fields must be completed)
Last Name First Name
Parent’s Full Address
Parent’s Citizenship Status Date of Birth
SSN Phone Number Amount Requested $
Parent Signature Date
