Federal Direct Parent PLUS Loans
The Federal Direct Parent PLUS Loan is available to help parents pay for their dependent child's education. If approved, parents with no unresolved credit issues may borrow funds for each dependent child who is enrolled in school at least half time in their Course Program of Study (CPOS). Federal Direct Parent PLUS Loans are not based on financial need, so parents may apply regardless of their current income. Parents may borrow an amount up to their student's cost of attendance budget, minus any other aid received.
Initial PLUS Loan Eligibility Requirements
Parent Eligibility: For a parent to apply for a Parent PLUS Loan, they must be listed as the primary caregiver in their student’s FAFSA application and listed as the student’s biological or adoptive parent. A student’s stepparent is also eligible to apply for a PLUS Loan if the student’s biological or adoptive parent listed on the FAFSA is married to the stepparent at the time of loan application.
Student Eligibility: Students are considered eligible for a Parent PLUS Loan if they are considered a dependent student, as determined by their FAFSA application, and are enrolled at least half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is considered "dependent" if they are under the age of 24, unmarried, and have no legal dependents at the time their FAFSA is submitted (exceptions are made for veterans, wards of court, and other special circumstances). If a student is considered dependent, their parent(s) must report their income and assets on the FAFSA application.
Additional PLUS Loan Requirements
Parent PLUS loan borrowers cannot have an adverse credit history and are subject to a credit check upon submitting a PLUS Loan application. If a parent borrower's application is denied due to their credit history, they will receive information from the Financial Aid Office's Loan Coordinator on how to proceed at that time. Additionally, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs. If approved, parents can request deferment of their PLUS Loan payments through their loan servicer. For more information concerning Parent PLUS Loan eligibility, repayment, and deferment, please click here.
Applying for a PLUS Loan
To apply for a Federal Direct PLUS loan, print and complete the following:
- 2024/2025 Aid Year:
Once the PLUS Loan Form is completed and submitted to Tech's Financial Aid Office, the parent borrower must then log in with their FSA ID or create an account on studentaid.gov to complete an online Master Promissory Note (MPN). The parent who completes the Loan Form must sign the Master Promissory Note.
If the parent has not previously created an FSA ID, they can start the process on studentaid.gov here. Please note that it can take up to three business days to receive an FSA ID once an account is created. Once received, the parent can use their FSA ID to sign the required Master Promissory Note on studentaid.gov.
Annual Student Loan Acknowledgment (ASLA)
Each year you accept a new Parent PLUS Loan, it is recommended that you complete the Annual Student Loan Acknowledgment. By doing so, you acknowledge that you understand your responsibility to repay your loan. If you have existing federal Parent PLUS Loans, you must also acknowledge that you understand how much you owe and your borrowing eligibility. The Student Loan Acknowledgement also lists other federal student aid information, including the interest rates and repayment options to make managing accepted loans easier. Learn more by visiting the ASLA webpage on studentaid.gov.
Disclosure
Please note that information included in your Parent PLUS Loan application will be submitted to the National Student Loan Data System (NSLDS) and made accessible to guaranty agencies, lenders, and other institutions considered authorized users of the data system.
