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This document is an application for the William D. Ford Federal Direct Parent PLUS Loan for dependent undergraduate students, detailing information needed from both the student and parent.
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How to fill out William D. Ford Federal Direct Parent PLUS Loan
01
Gather necessary information: Obtain the student's and parent's Social Security numbers, federal tax information, and records of untaxed income.
02
Visit the Federal Student Aid website: Go to studentaid.gov and navigate to the 'Apply for Aid' section.
03
Log in or create an account: Use the parent's Federal Student Aid ID (FSA ID) to log in. If you don't have one, create an FSA ID.
04
Complete the Parent PLUS Loan Application: Fill out the application with relevant student and parent information, specifying the loan amount needed.
05
Review the loan terms: Understand the interest rates, repayment options, and any fees associated with the loan.
06
Submit the application: Once reviewed for accuracy, submit the Parent PLUS Loan application.
07
Complete Entrance Counseling: If required, complete the Entrance Counseling for the Parent PLUS Loan to understand your borrowing responsibilities.
08
Sign the Master Promissory Note (MPN): Once approved, sign the MPN to finalize the loan agreement.
09
Monitor disbursement: Keep track of the loan approval and disbursement dates to ensure timely funding.
Who needs William D. Ford Federal Direct Parent PLUS Loan?
01
Parents of dependent undergraduate students who need assistance covering education costs after other financial aid is applied.
02
Those who wish to support their child's education with a federal loan that has flexible repayment options.
03
Parents who may not have sufficient savings or income to cover the entire cost of college.
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People Also Ask about
Will direct parent PLUS loans be forgiven?
Public Service Loan Forgiveness for Parent PLUS Loans Parent borrowers may be eligible for Public Service Loan Forgiveness (PSLF) after making 120 qualifying payments (ten years). Parent PLUS loans are eligible if they are in the Direct Loan program or included in a Federal Direct Consolidation Loan.
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.
Do you have to pay back a direct parent PLUS loan?
You must repay the loan in 10 years. Extended Repayment Plan — Under this plan, you can choose to make fixed or graduated monthly payments for up to 25 years.
What is the direct parent PLUS loan?
Direct PLUS Loans for parents are unsubsidized loans made to parents of dependent undergraduate students. If a student's parents cannot get a parent PLUS loan, the student may be eligible to receive additional unsubsidized loans. Learn more about parent PLUS loans. Apply for a PLUS Loan.
What is the difference between a parent PLUS loan and a direct PLUS loan?
Note: A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent, and as a grad PLUS loan when made to a graduate or professional student. Begin your Direct PLUS Loans application online.
What is a William D. Ford federal direct loan?
The William D. Ford Federal Direct Loan (Direct Loan) Program is a federal student loan program under which eligible students and parents borrow directly from the U.S. Department of Education at participating schools.
What is the point of a parent PLUS loan?
The Federal Direct Parent PLUS loan is a credit-based loan that the parent(s) of dependent undergraduate students may borrow to help pay educational expenses. The parent borrower may borrow up to the total estimated cost of attendance minus any other financial aid received.
Will direct parent PLUS loans be forgiven?
Public Service Loan Forgiveness for Parent PLUS Loans Parent borrowers may be eligible for Public Service Loan Forgiveness (PSLF) after making 120 qualifying payments (ten years). Parent PLUS loans are eligible if they are in the Direct Loan program or included in a Federal Direct Consolidation Loan.
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What is William D. Ford Federal Direct Parent PLUS Loan?
The William D. Ford Federal Direct Parent PLUS Loan is a federal loan available to parents of dependent undergraduate students to help pay for college expenses that are not covered by other financial aid.
Who is required to file William D. Ford Federal Direct Parent PLUS Loan?
Parents of dependent undergraduate students who wish to borrow funds to help cover the costs of their child's education are required to file for the William D. Ford Federal Direct Parent PLUS Loan.
How to fill out William D. Ford Federal Direct Parent PLUS Loan?
To fill out the William D. Ford Federal Direct Parent PLUS Loan application, parents must complete the Free Application for Federal Student Aid (FAFSA), then visit the Department of Education's website to complete the PLUS Loan application online.
What is the purpose of William D. Ford Federal Direct Parent PLUS Loan?
The purpose of the William D. Ford Federal Direct Parent PLUS Loan is to provide funding to parents for covering the educational costs of their dependent children, including tuition, room and board, and other school-related expenses.
What information must be reported on William D. Ford Federal Direct Parent PLUS Loan?
When applying for the William D. Ford Federal Direct Parent PLUS Loan, parents must report personal information, financial information, their child's school information, and details about the loan amount needed.
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