Direct Parent PLUS Loan Program
Federal Direct Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for college and can help pay for education expenses not covered by other financial aid.
The biological parent or legal adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student attending Wilmington University may be eligible to apply for and receive a PLUS Loan. A parent is not guaranteed to receive the PLUS Loan. Upon application, the Department of Education (DOE) will evaluate your credit and approve or deny your application based on your credit score and history. Wilmington University is not involved in the credit decision made by the DOE. If you have any questions regarding the pre-approval process for the PLUS Loan, please contact the Department of Education.
NOTE: Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student.
Applying for a Parent PLUS Loan involves three steps:
Together, you and your student must fill out the Free Application for Federal Student Aid (FAFSA), if you haven't already done so.
Choose the "Apply for a Direct PLUS Loan" option on the Federal Student Aid website.
Complete Loan Agreement (Master Promissory Note) option on the Federal Student Aid website. Select PLUS MPN for Parents. Only one parent is required to complete a Master Promissory Note with the Department of Education. A Master Promissory Note is valid for 10 years; however, parents must apply for the parent PLUS loan on an annual basis, or at least every year you need the loan. Please be sure that the same parent who completes the Master Promissory Note with the DOE is the same that completes the Direct PLUS Loan application. (Only one parent may apply for a PLUS loan.)
Please Note: If the parent is denied a PLUS Loan, s/he may still be able to borrow the loan if a credit-worthy co-signer is approved by the DOE. If the parent is denied the PLUS Loan and wishes to use a co-signer, “Complete an Endorser Addendum” option on the studentloans.gov website. If the parent is denied the PLUS loan and does not wish to provide a co-signer, the student may then be eligible to receive additional Unsubsidized Stafford Loan.
PLUS Credit Counseling will help students and parents understand the obligations associated with borrowing a PLUS loan and assist them in making careful decisions about taking on student loan debt.
PLUS Credit Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have:
- Obtained an endorser or
- Documented extenuating circumstances to the satisfaction of the U.S. Department of Education
PLUS Credit Counseling can be completed voluntarily at any time. If PLUS Credit Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Credit Counseling completion, your PLUS Credit Counseling requirement will be considered to be fulfilled.