Get the free Federal Direct PLUS Loan Application and Data Form - eiu

This document serves as an application form for parents to apply for the Federal Direct PLUS Loan to assist with funding their child's undergraduate education at Eastern Illinois University.

How to fill out federal direct plus loan

How to fill out Federal Direct PLUS Loan Application and Data Form

1. Obtain the Federal Direct PLUS Loan Application and Data Form from the official website or your school's financial aid office.
2. Read the instructions carefully to understand the eligibility requirements and application process.
3. Fill out the borrower information section with your personal details, including your name, address, and Social Security number.
4. Indicate the loan type as 'Federal Direct PLUS Loan' on the application form.
5. Provide the requested information about the student for whom you are borrowing the loan, including their name, school information, and enrollment status.
6. Review and complete the required financial information, including your credit history and any other financial obligations.
7. Confirm that you meet the creditworthiness requirements outlined in the instructions.
8. Sign and date the application form to certify that all information provided is accurate.
9. Submit the completed form either online or through the designated mailing address as instructed.
10. Await a response from the loan servicer or your school regarding the status of your application.

Who needs Federal Direct PLUS Loan Application and Data Form?

1. Parents or guardians of dependent undergraduate students who require additional funding for education.
2. Graduate or professional students who need financial assistance to cover educational expenses.
3. Individuals with a good credit history looking to finance educational costs through public loans.

People Also Ask about

Is it smart to take out a parent PLUS loan?

Parent Plus loans have higher interest rates and fees, so they're generally not a good idea. Plus, it's your degree, not your parents, so you should be responsible for the costs. Stick with private loans and focus on manageable debt.

Is a direct PLUS loan a good idea?

While these loans might seem like an easy way for parents to help their child with education costs, in far too many cases, they put the parent's financial security and retirement at risk.

What is the difference between a federal direct loan and a federal PLUS loan?

Like Direct Subsidized and Unsubsidized Loans, these loans have a fixed interest rate. Note that Direct PLUS loans are unsubsidized, meaning that interest accrues throughout the life of the loan, including while the student is enrolled in school.

What are the disadvantages of a Direct PLUS loan?

What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then there's the fact they aren't eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, they're nearly impossible to get out of, even in bankruptcy.

How hard is it to get a parent PLUS loan?

To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well).

What are the negatives about the parent PLUS loan?

Drawbacks of the Parent PLUS Loan Discharge: Federal parent PLUS loans are rarely discharged for financial difficulties resulting from unemployment, age-related or other illnesses and injuries, or bankruptcy. Nontransferable: Parents cannot transfer the PLUS loan to their student to repay after they finish school.

What are the limitations of a direct PLUS loan?

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 get approved for Direct PLUS loan?

To qualify for a PLUS loan, you must: Be the biological or adoptive parent of the student. Ensure that your student is enrolled at least half-time at an eligible school. Fill out the Free Application for Federal Student Aid (FAFSA) along with your child. Meet the general eligibility requirements for federal student aid.

For pdfFiller’s FAQs

What is Federal Direct PLUS Loan Application and Data Form?

The Federal Direct PLUS Loan Application and Data Form is a document used to apply for a Direct PLUS Loan, which is federal student loan financing available to parents of dependent undergraduate students and to graduate or professional students.

Who is required to file Federal Direct PLUS Loan Application and Data Form?

Parents of dependent undergraduate students or graduate/professional students who wish to borrow a Direct PLUS Loan are required to file the Federal Direct PLUS Loan Application and Data Form.

How to fill out Federal Direct PLUS Loan Application and Data Form?

To fill out the form, applicants must provide personal and financial information, including the student's school information, the loan amount requested, and the borrower’s Social Security number. Instructions are usually provided on the form itself.

What is the purpose of Federal Direct PLUS Loan Application and Data Form?

The purpose of the Federal Direct PLUS Loan Application and Data Form is to assess the borrower's eligibility for the Direct PLUS Loan program and to gather necessary information for processing the loan.

What information must be reported on Federal Direct PLUS Loan Application and Data Form?

The form requires reporting personal information such as the borrower's name, Social Security number, financial information, the student’s details, and the loan amount requested. Additionally, it may require information about the borrower's credit history.