Financial Aid Requirements
Students interested in receiving federal student aid will need to complete the Free Application for Federal Student Aid (FAFSA) for each school year that they wish to be considered for federal aid. Federal student aid includes grants, work-study, and loans (student and parent loans). Therefore it is necessary to file a FAFSA if a parent wishes to apply for a Direct Parent PLUS loan to help cover the educational costs not paid for by the student’s financial aid award.
Release of Information
Federal privacy regulations do not allow student information to be shared without the student’s consent, so students must complete a Release of Confidential Information (2019-2020) form to allow their financial aid information be shared with parents or other individuals. This form is located on the 2019-2020 Financial Aid Forms section of the student’s Portal home. The release of confidential information is only valid for one academic year.
Parent PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) is a federal loan for parents to borrow on behalf of their dependent students. The Parent PLUS Loan has a moderately low fixed interest rate. For parents to be eligible to borrow this loan, students are required to be enrolled at least halftime (6+ credit hours). Parents must be a U.S. citizen or an eligible non-citizen and pass a credit check. For more information and to apply visit https://studentloans.gov.
The maximum amount a parent can request in a PLUS loan is the student’s cost of attendance minus any other Financial Aid and/or scholarships they are awarded. PLUS loans do not become a final part of the award unless a parent chooses to apply and is approved for the PLUS loan.
Students must be offered their final award notification before a PLUS loan application will be processed. During the application processes parents will indicate the amount of PLUS loan, and the payment method you wish to use. Remaining funds, after a student’s account balance has been paid, can be disbursed to either the student via their student account or to the parent. This is an option that parents select during the application process.
Interesting in Borrowing Parent PLUS Loan for 2019-2020?
Go to https://studentloans.gov no earlier than April 1, 2019.
- Click on “Parent Borrowers” tab.
- Click on “Apply for a PLUS Loan” link.
- Log in with your FSA ID and password.
- If your application is approved, complete a Master Promissory Note for the PLUS Loan.
Studentaid.gov provides in-depth information on federal student aid programs, applying for financial aid, and repaying student loans.
FAFSA on the Web is where students may file the Free Application for Federal Student Aid (FAFSA®).