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How to Apply for Federal PLUS Loans

How to Apply for Federal PLUS Loans

To be eligible to borrow through the Federal Parent PLUS Loan program, a parent must be a biological or adoptive parent of the undergraduate student or married to the student’s parents. Thus, stepparents are eligible to borrow Federal Parent PLUS loans only while they are married to the student’s biological or adoptive parent. If the stepparent’s spouse dies, or the stepparent gets divorced, the stepparent is no longer eligible for the Federal Parent PLUS loan .

The student and parent must also satisfy other general eligibility requirements for federal student aid , including citizenship status, student enrollment in an eligible degree or certificate program, and neither student nor parent in default on a federal student loan or grant overpayment.

To obtain a Federal PLUS Loan , talk to the college’s financial aid office . The Federal PLUS Loan is disbursed through the college financial aid office , so they administer the application process and determine the maximum amount you can borrow. They will ask you to complete a PLUS loan application at the web site. You may be required to complete entrance counseling .

PLUS Loan borrowers will also have to sign a Master Promissory Note (MPN) at to obtain a Federal PLUS Loan . The Master Promissory Note is good for a continuous period of enrollment at a specific college for a period of up to 10 years.

Loan Disbursement

The federal government sends the funds from a Federal PLUS Loan directly to the college. The college financial aid office then applies the loan funds to tuition and fees (plus room and board if the student is living in college housing).

Any remaining credit balance is normally “refunded” to the student or parent within 14 days. (Parents can authorize the college to refund any leftover Federal Parent PLUS loan proceeds to the student.) The 30-day delay for first-time, first-year borrowers does not apply to Federal Parent PLUS Loans.

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