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This booklet provides comprehensive information for parents considering borrowing Direct PLUS Loans to finance their child's education, detailing eligibility, application processes, repayment options,
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How to fill out Direct PLUS Loans
01
Determine eligibility: Ensure you are a graduate or professional student, or a parent of a dependent undergraduate student.
02
Complete the FAFSA: Fill out the Free Application for Federal Student Aid (FAFSA) to gather necessary financial information.
03
Review loan limits: Understand the amount you can borrow, which is limited to the cost of attendance minus any other financial aid received.
04
Apply for the loan: Visit the U.S. Department of Education's website to apply for a Direct PLUS Loan.
05
Provide required documentation: Be prepared to submit personal and financial information, including credit history.
06
Sign the Master Promissory Note (MPN): After approval, sign the MPN to agree to the terms and conditions of the loan.
07
Complete entrance counseling: If required, participate in entrance counseling to understand your responsibilities.
08
Receive disbursement: Once all steps are completed, your loan funds will be disbursed to your school.
Who needs Direct PLUS Loans?
01
Graduate or professional students who need additional funding for their education.
02
Parents of dependent undergraduate students who require funds to cover their child's educational expenses.
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Can you be denied a Direct 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.
Who pays back a Direct PLUS loan?
Can the loan be transferred to the student? No, a Direct PLUS Loan made to a parent cannot be transferred to the child. You, the parent borrower, are legally responsible for repaying the loan.
Are both parents responsible for parent PLUS loan?
Parent PLUS loans are borrowed solely in the parent's name and are the parent's legal responsibility. Assume YOU will have to pay them back. Parent PLUS loans will only be eligible for the ICR plan going forward and it will be based on YOUR income (or joint income if married filing jointly).
What are the direct PLUS loans?
Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.
Who claims a parent PLUS loan on taxes?
Parent PLUS Loan Income Tax Deduction and Planning Parent PLUS loans are educational loans, and the borrower can claim an income tax deduction. When borrowers review their tax deductions, they can deduct up to $2,500 per year in interest paid on the Parent PLUS loan. Income limits and other tax filing rules may apply.
Do you pay back direct PLUS loans?
Can I transfer the loan to my child for repayment? No. A Direct PLUS Loan made to you as a parent cannot be transferred to your child. You are responsible for repaying the loan.
What is the minimum credit score for a Direct PLUS loan?
Credit Score Needed for a Parent PLUS Loan There is no minimum credit score required for a Parent PLUS Loan. However, borrowers cannot have an adverse credit history as defined by the U.S. Department of Education.
Who is responsible for a Direct PLUS loan?
Can the loan be transferred to the student? No, a Direct PLUS Loan made to a parent cannot be transferred to the child. You, the parent borrower, are legally responsible for repaying the loan.
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What is Direct PLUS Loans?
Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college expenses. These loans are issued by the U.S. Department of Education.
Who is required to file Direct PLUS Loans?
Graduate or professional students, as well as parents of dependent undergraduate students, are required to file for Direct PLUS Loans to help finance their education.
How to fill out Direct PLUS Loans?
To fill out a Direct PLUS Loan application, you must complete the FAFSA (Free Application for Federal Student Aid) and then apply for the PLUS loan through the Federal Student Aid website or through your school’s financial aid office.
What is the purpose of Direct PLUS Loans?
The purpose of Direct PLUS Loans is to cover educational expenses that are not met by other financial aid, including tuition, room and board, books, and other school-related costs.
What information must be reported on Direct PLUS Loans?
When applying for Direct PLUS Loans, you must report information such as your Social Security number, federal tax returns, income information, and other financial data relevant to your educational expenses.
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