Federal PLUS Loan
Federal PLUS Loans are education loans available to the parents of dependent, undergraduate students. To be eligible for the loan, the borrowing parent must have satisfactory credit. There is no minimum or maximum income requirement. The maximum amount parents may borrow on a PLUS loan each academic year is the cost of attendance minus other financial aid received by the student.
Master Promissory Note
If you accepted a PLUS loan on your on-line award, then you need to complete the PLUS Loan Confirmation Statement, which can also be found under ‘Unsatisfied Disbursement Requirements’, and return it to the address listed on the form. The financial aid office will not be able to complete the loan process unless the PLUS Loan Confirmation Statement is received. You must also complete a PLUS Loan Master Promissory Note at www.studentloans.gov. Your Federal PIN will be required. If you do not complete your PLUS Loan Master Promissory Note now, you will receive a notification before the start of the school year giving you directions to complete your Master Promissory Note. Please complete the Master Promissory Note immediately following that notification.
What do I do if my parent(s) do not qualify for a Federal PLUS Loan?
If a parent (of a dependent student) applies for and is denied a Federal PLUS Loan because of poor credit, the student may be eligible for an additional Unsubsidized Federal Stafford Loan. The Department of Education routinely notifies us about loans that are denied, therefore the additional Unsubsidized Federal Stafford loan will automatically be offered to you for you to accept on a revised, online award notice.
More information on PLUS Loans
Please visit www.studentaid.ed.gov for a complete student guide on all financial aid programs from the U.S. Department of Education.
