Get the free Direct Parent PLUS Loan (for Parents of Dependent Students)

This document provides information for parents on how to apply for a Direct PLUS Loan to finance their dependent student's education, including eligibility criteria, application procedures, interest

How to fill out direct parent plus loan

How to fill out Direct Parent PLUS Loan (for Parents of Dependent Students)

1. Gather necessary information: Collect your Social Security number, driver's license number, and the student's information.
2. Visit the Federal Student Aid website and navigate to the application for the Direct Parent PLUS Loan.
3. Log in using your FSA ID (you will need to create one if you don't have it).
4. Select the correct loan year and enter the amount you wish to borrow.
5. Provide your personal information, including your address and contact details.
6. Complete a credit check: The application will check your credit history to determine eligibility.
7. Review your loan terms, including interest rates and repayment options.
8. Sign the Master Promissory Note (MPN): This is a legal document that outlines your agreement to the loan terms.
9. Submit your application and wait for confirmation from the loan servicer.

Who needs Direct Parent PLUS Loan (for Parents of Dependent Students)?

1. Parents of dependent undergraduate students need the Direct Parent PLUS Loan to help cover the costs of their child's education.
2. Families with students attending college who require additional financial support beyond other federal aid options may also need this loan.
3. Parents who are creditworthy and willing to take on the financial responsibility of a loan for their child's education.

People Also Ask about

What disqualifies you from a parent PLUS loan?

If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.

What is the loophole for parent PLUS borrowers?

In addition, parent PLUS loans aren't eligible for some other types of federal student loan forgiveness programs. To get around this, some borrowers go through two or more federal consolidations to hide the origin of the loans, then request an IDR plan. This process is often called the double consolidation loophole.

What are the downsides of the parent PLUS loan?

If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.

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.

Are parent PLUS loans only for dependents?

You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing. Your child must be a dependent undergraduate student who is enrolled at least half-time at a school that participates in the Direct Loan Program.

Are parent PLUS loans only for dependent students?

You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing. Your child must be a dependent undergraduate student who is enrolled at least half-time at a school that participates in the Direct Loan Program.

Can you get a parent PLUS loan as an independent student?

The interest rates on Parent Plus loans aren't terrible but they aren't great, either. Your parents can choose to defer the interest while you're in school but all of that interest will be added to to total debt owed (and on which you'll be paying interest) six months after you leave school.

For pdfFiller’s FAQs

What is Direct Parent PLUS Loan (for Parents of Dependent Students)?

The Direct Parent PLUS Loan is a federal loan that parents of dependent undergraduate students can use to help pay for their child's college education. It is designed to cover the remaining costs of education after other financial aid has been applied.

Who is required to file Direct Parent PLUS Loan (for Parents of Dependent Students)?

Parents of dependent undergraduate students who are seeking financial assistance for their child's education are required to file the Direct Parent PLUS Loan application.

How to fill out Direct Parent PLUS Loan (for Parents of Dependent Students)?

To fill out the Direct Parent PLUS Loan application, parents must complete a FAFSA (Free Application for Federal Student Aid) form, then apply for the loan online through the U.S. Department of Education's website or directly through the college's financial aid office.

What is the purpose of Direct Parent PLUS Loan (for Parents of Dependent Students)?

The purpose of the Direct Parent PLUS Loan is to provide additional funding to parents to help cover the cost of their dependent child's education, including tuition, room and board, and other educational expenses.

What information must be reported on Direct Parent PLUS Loan (for Parents of Dependent Students)?

When applying for the Direct Parent PLUS Loan, parents must report their credit history and financial information, including their income and any existing debts or obligations. Additionally, they need to provide information about the student and the cost of attendance.