Student loans •

November 30, 2022

Complete guide to the Federal Direct Parent PLUS Loan

Federal Direct Parent PLUS loans let parents borrow money to help their children pay for tuition and other college expenses.

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This guide will cover everything you need to know about Federal Direct Parent PLUS loans, including eligibility requirements, how to get them, and the amount of aid you can receive.

We’ll also discuss some scholarships you might be eligible for to offset the cost of loans.

What is the Federal Direct Parent PLUS Loan?

The Federal Direct Parent PLUS Loan program is a program operated by the US Department of Education. It lets eligible parents borrow money to help pay for their children’s college education.

One benefit of this loan program is that you can borrow up to the full cost of attendance at your child’s college, minus any other financial assistance that they receive. This means that the loans should be able to cover any remaining educational costs your child faces after exhausting their other forms of aid. The loans also come with some perks and benefits that make them easier to repay.

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How to apply for the Federal Direct Parent PLUS Loan

In this section, we’ll discuss everything you need to know about applying for Parent PLUS loans.

Eligibility requirements

If you’re applying for Parent PLUS loans to help your child pay for college, you’ll have to meet these eligibility requirements:

  • Be the biological or adoptive parent of a dependent undergraduate student enrolled at least half-time

    • Some step-parents are also eligible

  • Not have an adverse credit history, such as:

    • Balances of $2,085 or more 90+ days delinquent

    • A default, bankruptcy, repossession, foreclosure, charge-off of student aid debt, tax lien, or wage garnishment in the past 5 years

    • Those with adverse credit history may qualify with documentation of extenuating circumstances or an endorser with good credit

  • Meet general requirements for federal aid

The application

You can apply for Parent PLUS loans online. We’ll break it down.

  • Page 1: Select an award year.

  • Page 2: List schools to notify of your application and provide a reason for the application.

  • Page 3: Citizenship and personal information.

  • Page 4: Employment information.

  • Page 5: Student information.

  • Page 6: Information on your relationship with the student.

  • Page 7: Request for deferment of payments.

  • Page 8: Use of loan funds.

  • Page 9: Amount requested.

  • Page 10: Credit check and notices.

  • Page 11: Authorization and submission

Important dates to remember

These are some essential dates to know if you're applying for a Parent PLUS loan.

  • Application deadline: June 30

Types of aid like the Federal Direct Parent PLUS Loan

Federal Direct Parent PLUS loans let the parents of college students help their children pay for the cost of college. There are also many other forms of government student aid available, including:

Mos can help you get started applying for both government financial aid and scholarships, like the Federal Direct Parent PLUS Loan. Join us now

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