Direct Loans- Parent PLUS
Parent PLUS Loan
The Federal Direct Parent PLUS Loan is an unsubsidized loan available to biological, adoptive, or eligible step-parents of dependent undergraduate students.
It can help cover the Expected Family Contribution (EFC) and up to the full Cost of Attendance (COA), minus other financial aid.
Note: Parent PLUS Loans are not subject to annual or lifetime federal student loan limits and can be used to cover any remaining educational costs.
How to Apply
Step 1: Apply at studentaid.gov using the parent’s FSA ID.
Step 2: Select “Apply for a PLUS Loan”, then choose Parent PLUS.
Credit check results are provided immediately, and during the application, parents may request an in-school deferment or a post-graduation deferment—allowing repayment to begin up to six months after the student leaves school. If denied, options include:
- Appealing the decision
- Applying with a creditworthy endorser
- Allowing the student to receive an additional unsubsidized loan
- Declining to take further action
Eligibility and Loan Amount
Students can accept, reduce, or decline the Parent PLUS Loan by logging into MyCWU and navigating to the Financial Toolbox, then selecting Accept/Decline Awards. To qualify:
- Available to biological, adoptive, or eligible step-parents.
- Parents may borrow up to the full COA, minus other aid.
Master Promissory Note (MPN)
The approved parent must complete a Parent PLUS Master Promissory Note—a legal agreement that applies to one parent and one student, is valid for up to 10 years, and does not require the parent to be listed on the FAFSA (though step-parents must be included in FAFSA income data to qualify).
Interest Rates and Repayment
- PLUS Loans have a fixed interest rate and origination fee, set annually. Visit studentaid.gov for current rates.
- Repayment typically begins 60 days after the final disbursement.
- Deferment options are available for loans disbursed after July 1, 2008.
Interest Rates and Fees
PLUS Loans have a fixed interest rate and origination fee, set annually by Congress. For current rates and fees, visit studentaid.gov.
Repayment Options
- Standard repayment begins 60 days after the final loan disbursement.
- For loans disbursed after July 1, 2008, parents may request to defer repayment until 6 months after the student graduates or leaves school.
- This option can be selected during the loan application process.
Important Deadline: To receive disbursement, Parent PLUS Loans must be accepted and approved (including credit check) before the last day of spring quarter finals. Loans not finalized by this deadline will be canceled. No exceptions will be made.
Loan Forgiveness and Cancellation
You may qualify to have part, or even all, of your federal student loans forgiven. Programs are available for teachers, public service employees, and other qualifying careers.
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