Plus Loans (for Parents)
Plus Loans (for Parents)
Steps to Receive a Loan
If you are eligible for a parent PLUS loan, you will be required to sign a Direct PLUS Loan Master Promissory Note (MPN), agreeing to the terms of the loan. Contact the financial aid office at the school your child is planning to attend for details regarding the process at that school.
If you're taking out parent PLUS loans for more than one child, you'll need to sign separate Direct PLUS Loan MPNs for the loans you receive for each child.
How Funds Are Delivered
The school will first apply parent PLUS loan funds to the student’s school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child’s school will give them to you to help pay other education expenses for the student. With your authorization, the school can pay the remaining loan funds directly to the student.
Loan Amount Limits
The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives. The cost of attendance is determined by the school.
How to Cancel a Loan
You may cancel all or part of your loan at any time by notifying your child’s school. After your loan is disbursed, you may cancel all or part of the loan within certain time frames. Your promissory note and additional information you'll receive from the school will explain the procedures and time frames for canceling your loan.