Parent Plus Loan Application
What is parent plus loan application?
The parent plus loan application is a form specifically designed for parents of undergraduate students who need financial assistance. It is used to apply for a federal loan offered by the U.S. Department of Education. This loan provides funds to cover education expenses that are not covered by other financial aid.
What are the types of parent plus loan application?
There are two types of parent plus loan applications:
Direct PLUS Loan Application for Parents: This application is for biological or adoptive parents of dependent undergraduate students.
Endorser Addendum for PLUS Loans: This application is for parents who are unable to secure a PLUS loan on their own and require an endorser to cosign the loan.
How to complete parent plus loan application
Completing the parent plus loan application is a simple process. Here are the steps you need to follow:
01
Visit the official website of the U.S. Department of Education.
02
Find the parent plus loan application form and download it.
03
Fill out the form with accurate and up-to-date information.
04
Include all required supporting documents, such as proof of income and tax returns.
05
Submit the completed application, either online or by mail.
06
Wait for a notification of approval or denial from the Department of Education.
07
If approved, review the loan terms and conditions and sign the agreement.
08
Repay the loan according to the agreed-upon terms.
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Questions & answers
How do parent PLUS loans apply to students?
There's no federal program that allows you to transfer a parent PLUS loan to the student who benefitted from that loan. If you take out a federal PLUS loan, you're responsible for it until it's paid in full.
Is it hard to get a parent PLUS loan?
Federal parent PLUS loans are easy to get: Colleges often list them alongside grants and undergraduate loans on financial aid award letters. They lack traditional underwriting requirements for credit history and income. There's also no limit on how much a parent can borrow in total.
Does parent PLUS loan cover full tuition?
PLUS loans are in addition to the loans taken out by your child, and your PLUS loan will cover the entire cost of tuition, room and board, and other school-related expenses that your child's financial aid doesn't cover.
How do you get denied for a parent PLUS loan?
An applicant can be disqualified and denied a PLUS loan for credit problems like recent bankruptcies, large debts more than 90 days delinquent, a recent wage garnishment or a tax lien. READ: 4 Things Borrowers Don't Always Know About Parent PLUS Loans. ]
How do I request a parent PLUS loan?
Parents may complete a Parent PLUS Loan application or a request for an increase by logging into http://studentloans.gov using their parent FSA ID and password. Once logged in, the parent will want to select “Apply for a Direct PLUS Loan”. Parents should select the “Direct PLUS Loan application for parents”.
Do parent PLUS loans go to the student?
There's no federal program that allows you to transfer a parent PLUS loan to the student who benefitted from that loan. If you take out a federal PLUS loan, you're responsible for it until it's paid in full. However, there are other options if you're determined to transfer the debt.
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