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.
Unlike Federal Stafford Loans, Parent PLUS Loans require credit approval. There is no debt to income ratio involved 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.
Step 1. Proceed to the federal government's Direct Lending website and parent sign in with parent name and pin. http://studentloans.gov
Step 2. Select "Request a PLUS Loan" then choose Parent PLUS Loan. This initiates a credit check.
Step 3. Complete a Master Promissory Note (MPN), located on the left sidebar of the Direct Lending website and choose Parent PLUS.
You have the right to cancel or reduce the amount of your awarded loan by contacting the Financial Aid Office.
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