Federal Direct Parent PLUS Loan Application
The Federal Direct Parent PLUS Loan is an educational loan for parents or step-parents of dependent undergraduate students. Students must be enrolled at least half-time (6 credit hours during fall/spring and 5 credit hours during summer) in order for a parent to receive this loan. Students do not have to demonstrate financial need to be offered a Federal Direct Parent PLUS Loan as part of their financial aid package. However, the parent or step-parent who applies for the Federal Direct Parent PLUS Loan must demonstrate good credit history in order to borrow the loan. The parent or step-parent must successfully complete the loan application process before the OSFA can authorize a Federal Direct Parent PLUS Loan for disbursement. The annual maximum loan amount is based on the student's cost of attendance less other financial aid received. For additional information on the Federal Direct Parent PLUS Loan, please visit the US Department of Education.
The parent-borrower may contact the loan servicer to request a deferment:
- while the parent or the student is enrolled at least half-time and
- for an additional six months after the student ceases to be enrolled at least half-time.
If the loan is deferred, interest will accrue on the loan during the deferment. The parent-borrower may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. The loan servicer will notify the parent-borrower about when first payment is due. Parents may review the repayment plans to calculate estimated payments.
To begin the process of applying for a Federal Direct Parent PLUS Loan, a parent or step-parent must complete, sign, and submit the application to the OSFA.