Parents of dependent students may qualify for a Direct PLUS Loan. Parents may borrow up to the cost of attendance, less other financial aid awarded. Interest is a fixed rate of 6.84% with loan fees up to 4.292%. Repayment generally begins 60 days after disbursement, although payments may be deferred as long as the student is enrolled at least half-time. Borrowers must receive credit approval for a Direct PLUS Loan. To borrow a PLUS loan, the parent borrower must complete a master promissory note along with an annual PLUS loan application form.
About the Direct PLUS MPN
The Direct PLUS Master Promissory Note (PLUS MPN) and Parent PLUS Loan Application Form are required for all PLUS Loans a parent borrows for the student. The parent borrower will complete the Direct PLUS MPN only the first time Direct PLUS Loan is borrowed on behalf of your student. The PLUS MPN is good for 10 years from the date the note was signed. For subsequent borrowing, the parent must only complete the Parent PLUS Loan Application Form
, indicating the amount requested.
If a parent has more than one student in college and would like to arrange a PLUS loan for each, a PLUS MPN must be completed for each student. The Parent PLUS Loan Application Form must be completed each year for each student.
How to Apply for a Direct PLUS Loan for Parents
- Submit a PLUS Loan Application Form to the Financial Aid Office, indicating the dollar amount you wish to borrow on behalf of your student.
- First-time PLUS Loan borrowers must complete a PLUS Master Promissory Note. Log in to www.studentloans.gov using your FSA ID (not your student’s) and select “Complete A Master Promissory Note”. Note: Do not choose “Request Direct PLUS”. NSU does not use this option. If you don’t have an FSA ID (formerly FAFSA PIN), follow the provided link to create one.
- We'll transmit your loan request to the U.S. Department of Education, which will approve or deny your loan. The U.S. Department of Education will contact you with the results.
- If you're denied a PLUS Loan due to adverse credit, you can appeal the denial or add a creditworthy co-signer. Or, we may award your student an Unsubsidized Direct Stafford Loan.