Designed for undergraduates whose parents are helping pay for college, the Federal Direct PLUS Loan can be an attractive option.
With the PLUS Loan, you can borrow for each dependent student who’s enrolled in college at least half-time. The parent PLUS loan can finance up to the full cost of your child’s education each academic year, minus grants and other financial aid received.
How Does it Work?
- Parents planning to obtain a PLUS loan should apply at least three weeks before the semester payment due date.
- Parent PLUS loans are subject to a credit check. You must obtain pre-approval. Adverse credit history can affect eligibility.
- Students and their parents must be U.S. citizens or eligible non-citizens.
What You Need
You’ll need an FSA ID, date of birth and your Social Security number. Visit the Federal Student Aid website and complete the following documents:
- Federal Direct PLUS Loan for Parents Pre-Approval
- Parent PLUS Loan Master Promissory Note
Please note: For each dependent, you’ll need to complete a separate PLUS Pre-Approval and Master Promissory Note.