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2015 – 2016 FEDERAL DIRECT PARENT PLUS LOAN INSTRUCTIONS The Direct Parent PLUS Loan program is a non-need based, low-interest loan made to parents (including adoptive parents or stepparents) of

How to fill out federal direct parent plus

How to fill out federal direct parent plus:

1. Gather necessary documents: Before starting the application process, gather important documents such as your Social Security number, driver's license or identification card, your most recent federal income tax returns, W-2 forms, and any other financial information that may be required.
2. Visit the official Federal Student Aid (FSA) website: Go to the FSA website and log in using your Federal Student Aid (FSA) ID. If you do not have an FSA ID, you can create one on the same website.
3. Choose the correct application: Once logged in, select the correct form, which is the "Parent PLUS Loan Application." This form is specifically designed for parents who want to borrow a federal Direct PLUS loan to help pay for their child's education expenses.
4. Provide personal information: Fill out the application form with accurate personal information, including your name, address, telephone number, and email address. Additionally, you will need to provide details about your child, their school, and the loan period.
5. Complete the financial information section: In this section, you will provide details about your income, assets, and liabilities. Make sure to accurately report your financial information to determine your eligibility for the loan. If you are married, you may also need to include information about your spouse's income and assets.
6. Indicate the loan amount: Specify the amount you wish to borrow under the Federal Direct Parent PLUS loan program. Keep in mind that the loan amount cannot exceed the cost of attendance minus any other financial aid your child is receiving.
7. Review and submit the application: Carefully review all the information you have entered to ensure its accuracy. Review the terms and conditions of the loan before submitting the application. Once everything is reviewed, submit the application electronically.

Who needs federal direct parent plus?

1. Parents of dependent undergraduate students: The Federal Direct Parent PLUS loan is specifically intended for parents or legal guardians of dependent undergraduate students. It can help cover educational expenses that are not covered by other financial aid options, such as grants or scholarships.
2. Parents with good credit history: To be eligible for a Federal Direct Parent PLUS loan, parents must have a good credit history. The loan requires a credit check, and adverse credit history may affect loan approval. However, there are options available to secure the loan, such as obtaining an endorser or appealing the credit decision.
3. Parents looking for flexible repayment options: The Federal Direct Parent PLUS loan offers flexible repayment options, including deferment and income-driven repayment plans. This allows parents to choose a repayment plan that best fits their financial situation.
4. Parents who want to support their child's education: The Federal Direct Parent PLUS loan provides an opportunity for parents to financially support their child's education by helping cover the cost of college tuition, fees, and other eligible educational expenses.

Note: It is always recommended to thoroughly research and consult with a financial aid advisor to fully understand the terms, conditions, and implications of borrowing a Federal Direct Parent PLUS loan.

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What is federal direct parent plus?

Federal Direct Parent PLUS is a federal loan program that allows parents of dependent undergraduate students to borrow funds to help pay for their child's education.

Who is required to file federal direct parent plus?

Parents of dependent undergraduate students are required to file for Federal Direct Parent PLUS loans.

How to fill out federal direct parent plus?

To fill out the Federal Direct Parent PLUS loan application, parents can go to the official Federal Student Aid website and complete the online application form.

What is the purpose of federal direct parent plus?

The purpose of the Federal Direct Parent PLUS loan is to provide additional financial aid to parents of dependent undergraduate students to help cover the cost of their child's education.

What information must be reported on federal direct parent plus?

Parents must report their personal information, financial information, and the amount of loan they wish to borrow on the Federal Direct Parent PLUS application.