Please carefully follow the directions listed below to apply for a Parent Loan. All federal parent loans for 2010-11 academic year will be made directly by the federal government through Direct Lending. The legislation regarding Direct Lending is new and all details have not yet been finalized. If there are any unexpected changes in the procedures below, we will notify you.
The amount of Parent PLUS Loan listed on your Award Letter is the maximum amount your parent is eligible to borrow. They may borrow any amount up to this maximum. If they choose to borrow less than the amount on your Award Letter, please put a line through the maximum amount and write the amount they wish to borrow on the Award Letter. Please initial after the amount they wish to borrow.
Unlike Federal Stafford Loans, Parent PLUS Loans require credit approval. There is no debt to income ratio involved in a Parent PLUS loan approval but parent must have good credit. If credit is not approved, parent will have an opportunity to obtain a cosigner for loan approval. There is no separate application for credit approval. Completing the Master Promissory Note will initiate a credit check.
1. Proceed to the federal government's Direct Lending website and sign in:
https://studentloans.gov/myDirectLoan/index.action
2. Select "Request a Plus Loan" then choose Parent PLUS Loan. This initiates the credit check.
3. Complete a Master Promissory Note (MPN), located on the left sidebar of the Direct Lending website and choose Parent Plus.
Maps & Directions