Complete the Direct Parent PLUS Loan application at StudentLoans.gov.
The application will ask for your (and your student's) personal information, social security numbers, school information, loan period, and the amount you intend to borrow (see amount above for the 1st Year on your Quatromoney Affordability Plan). On the application, you can:
- Authorize the college to use your loan funds to satisfy other educationally related charges beyond tuition and fees, such as room and board.
- Designate whether the school pays any credit balance to the student or to you.
- Request a deferment of all payments while the student is in school and during 6-months grace period after the student ceases to be enrolled at least half time. (This is how our Quatromoney estimate was calculated).*
Estimate 20 minutes
* Please be aware that deferment of interest payments will add significant cost to your overall borrowing. If possible, consider making payments of interest and principal while in-school to reduce the overall cost.
Complete a master promissory note (MPN) at StudentLoans.gov.
The promissory note will ask for your address information, employer information, school information, driver's license, and and references. This is your legal document containing a promise to repay and outlines the terms and conditions for payment. You can electronically sign the MPN.
Estimate 20-30 minutes
Complete optional financial awareness counseling at StudentLoans.gov.
First time parent borrowers are encouraged to complete financial awareness counseling to ensure you are aware of what a Federal Parent PLUS Loan is, understand financial aid, and help you manage your finances.
Estimate 20-30 minutes
BORROW WISELY! Make sure your intended borrowing (for all four years) is manageable.
Experts recommend that parents should borrow no more than their annual adjusted gross income for all of their children. However, if parents are less than ten years away from retirement, than parents should borrow no more than half of their annual adjusted gross income for all of their children.
Federal Parent PLUS Loan Basics
- Parent is typically the sole borrower, unless needs an Endorser
- Light credit check
- Fixed rate at 7.08%
- Loan Fee of 4.236% deducted from proceeds
- Standard 10-year repayment
- Most repayment options vs. private loan
- Most deferment and forbearance options
- Can defer all payments until after grace period
- No prepayment penalties