Understanding Your Federal Direct PLUS Loan Award
Please Note: This is a loan that MUST be paid back.
2020-2021 Federal Direct PLUS Loan Request Form 04/20/20
The amount of Federal Direct PLUS Loan you can borrow is dependent
upon your dependent student’s cost of attendance and other financial aid
awards. You may borrow up to your dependent student’s total cost of
attendance minus any financial assistance including, but not limited to state
and federal grants, Direct loans, private loans, scholarships, federal work
study and/or tuition waivers.
The Office of Student Financial Assistance has the responsibility to lower
the amount of loan requested if the office determines you are not eligible for
the requested amount.
Please see our website for Cost of Attendance information. Go to cod.edu
and click on “Costs, Scholarships & Aid” and then “Cost of Attendance”.
Federal Direct PLUS loans allow parents to borrow on behalf of their
dependent child to help pay educational expenses. Unlike Federal Direct
Loans, there is a credit check for parents. If the parent does not pass the
credit check, he/she may still be able to borrow if he/she can demonstrate
extenuating circumstances, or if he/she knows someone who agrees to co-
sign the loan and promises to repay the loan if the parent cannot. If the
parent is still unable to borrow a PLUS loan, their dependent child may be
eligible to borrow up to an additional $4,000 in a Federal Direct
Unsubsidized Loan. This is not an automatic process. The parent must still
go through the application process and the student must then request the
additional unsubsidized funds by completing the Federal Direct Loan
Change Form if the application is denied.
How to Apply
• Complete “Request a Direct PLUS Loan” at studentaid.gov
• Complete a PLUS Master Promissory Note at studentaid.gov.
• If required due to a reconsideration or endorser, the Parent will have to
complete PLUS loan counseling at studentaid.gov
. Department of
Education will notify the Parent borrower if this is required.
• Complete the College of DuPage Federal Direct PLUS Loan Request
Form providing the requested loan amount.
There is an origination fee subtracted from the loan proceeds before each
disbursement (loans are disbursed in two equal disbursements per term).
This percentage is set by the Department of Education and may change
during the academic year. Because of the fees, the total amount disbursed
will always be less than the amount borrowed. This fee is paid directly to
the Federal Government.
• Be a U.S. citizen, national or eligible non-citizen.
• Not in default on prior educational loans.
• Not owe a refund on a federal educational grant.
• Must not have an adverse credit history (A credit check is performed).
• Must be the biological or adoptive parent or the spouse of a remarried
parent (if that parent’s information was reported on the FAFSA).
• Must not be incarcerated
• Must not have a federal judgment lien on your property
• Must not owe a balance on any Title IV funding obtained fraudulently
• Complete the 2020-2021 Free Application for Federal Student Aid
(FAFSA) with College of DuPage included under schools.
• Must have a High School Diploma or GED.
• Must be pursuing a
U.S Department of Education approved
• Must be actively participating in and attending at least 6 credit hours at
the time of the loan disbursement for each term of the loan.
• Must maintain Satisfactory Academic Progress.
The Office of Student Financial Assistance will certify your PLUS loan
request once the Office of Student Financial Assistance has received all
Repayment begins within 60 days after the funds are fully disbursed, unless
you request a deferment. This means you will be paying back the loan while
your dependent student is still in school. Unlike Federal Direct Loans,
PLUS loans do not have a grace period.
Federal Direct PLUS Loans have a variable-fixed interest rate. Please view
your Notice of Disclosure or go to studentaid.gov
and search for Interest
Rates for the current rate.
Your loan paperwork and repayment options can be viewed at
FOR OFFICE USE ONLY: NLSDS Default/Overpayment? Y N MPN completed? Y N
Credit Check: Approved/Denied Endorser? Y N PLUS Counseling Completed: Y N
Citizenship Confirmed? Y N Proof of Citizenship Provided:
CRI Updated AIDE Updated Database Updated
Form Entered by FA Rep: Date: