Parent PLUS Loan (PLUS)
What is a Parent PLUS loan (PLUS)?
The Direct Parent PLUS loan is a federal loan that parents of dependent undergraduate students can apply for to help pay educational expenses. A PLUS loan allows a parent to borrow the total cost of undergraduate education including tuition, room and board, and any other eligible school expenses.
As a parent borrower, the Direct PLUS Loan Application also allows you to:
- Designate whether the school pays any credit balance to the student or to you.
- Request a deferment while the student is in school
- Request an additional deferment for 6 months after the student ceases to be enrolled at least half time.
Parent applicant will be provided an instant credit decision at the conclusion of the application. Results of the application will determine funding student will be eligible for.
The institution you indicate on the PLUS application will be notified once the application is eligible for review, usually between 24-48 hours after completion.
The institution will review the application and determine eligibility based on the amount requested. If the amount requested exceeds a student’s cost of attendance, the amount will be adjusted to the remaining eligibility.
Who should complete this?
Eligible parents of eligible dependent undergraduate students who which to apply for a credit-based loan to supplement their students financial aid award package.
How to complete a Parent PLUS application (PLUS):
Step 1: Have the following information with you:
- Verified FSA ID
- School Name
- Student Information
- Personal Information
- Employer's Information
Step 2: Log in here to complete the PLUS application
- Click on the "Log in to Start" button
- Log in using your FSA ID and password
- Begin application
**You must complete the entire process to receive a “completed” status. If you close your browser without completing it, your progress will be lost.
How will TAMUK be notified I have applied for a PLUS loan?
The institution you indicate on the PLUS application will be notified by the Department of Education once the application is eligible for review, usually between 24-48 hours after completion.
The institution will review the application and determine eligibility based on the amount requested. If the amount requested exceeds a student’s cost of attendance, the amount will be adjusted to the remaining eligibility.
What if I am denied a PLUS loan?
If you are denied a PLUS loan, the Office of Student Financial Aid will review your student's account to determine additional unsubsidized loan eligibility.
What if I am approved for a PLUS loan?
If you are approved for a PLUS loan, the next step is to complete the Master Promissory Note (MPN).
Who should complete a PLUS MPN?
Parents who have been approved for a PLUS loan.
**Parents must complete a separate PLUS MPN for each dependent child.
Why do I need to complete a Master Promissory Note (MPN)?
An MPN is a legal document that contains the Borrower's Rights and Responsibilities and Terms and Conditions for repayment. Direct PLUS and Direct Subsidized / Unsubsidized loans have different MPNs.
The federal government requires you to complete MPN as a binding contract of your promise to repay your PLUS loan(s). An MPN must be completed before a PLUS loan can be disbursed to your student’s account.
How to complete a Master Promissory Note (MPN):
Step 1: Have the following information with you:
- Verified username and password (FSA ID)
- School Name
- Permanent/Mailing Address
- Contact Information
- Employer Information
- Student Information
- Reference Information
Step 2: Log in here to complete MPN
- Choose the Direct PLUS Loan MPN you want to preview or complete
- Click on the "Start" button
- Log in using your FSA ID and password
- Begin MPN
**You must complete the entire process to receive a “completed” status. If you close your browser without completing it, your progress will be lost.