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.
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 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.
Borrowing a PARENT PLUS LOAN for 2017-18?
Go to https://studentloans.gov no earlier than April 1, 2017
- Click on “Parent Borrowers” Tab
- Click on “Apply for a PLUS Loan” Link
- Log in with your FSA ID
- Complete Loan Agreement for a PLUS Loan (MPN) if your application is approved
Release of Information
Due to federal privacy regulations that do not allow student information to be shared without a student’s consent, students must complete a Release of Confidential Information (2017-2018) form to allow their financial aid information to be shared with parents or other individuals. The release of confidential information is only valid for one academic year.
StudentAid.gov provides in-depth information on federal student aid programs, applying for financial aid, and repaying student loans.
FAFSA on the Web is the official site of the Free Application for Federal Student Aid (FAFSA®).