How to Apply for a Parent PLUS Loan

Repayment of a Grad PLUS Loan Grad PLUS Loan borrowers do not have to make any payments while enrolled in school at least half-time, and for an additional six months after they graduate, leave school, or drop below half-time enrollment. The origination fee is a processing fee assessed by the Department of Education. You must meet the basic eligibility criteria for Federal Student Aid. Note that interest continues to accrue on the PLUS loan during periods of deferment or forbearance. You may also contact our office for assistance. I want to obtain an endorser.

Federal Direct PLUS Loans

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You will have an opportunity to complete the Direct PLUS Loan MPN after you complete the Direct PLUS Loan Request. The Direct PLUS Loan Application allows you to authorize the school to use your loan funds to satisfy other educationally related charges after . Federal Student Loans: Direct PLUS Loan Basics for Parents—Provides parents with information on Direct PLUS Loans for parents. Includes an overview of . The Direct PLUS Loan Application allows you to authorize the school to use your loan funds to satisfy other educationally related charges after tuition and fees, and room and board have been paid. You are not required to provide this authorization.

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Federal Direct PLUS Loan Facts

Please be advised that credit checks are valid for days. Applying for a PLUS Loan more than days before the start of the term for which you are borrowing may require you to undergo a subsequent credit check closer to the beginning of that term. The Department will inform our office about the outcome of the credit decision. Repayment begins 60 days after the loan is fully disbursed. You the parent may request a deferment while your student is enrolled at least half-time, and for an additional six months after your student graduates, leaves school, or drops below half-time enrollment.

During a deferment, you do not have to make any payments. Please contact your loan servicer for more information and to request a deferment. If the loan has already disbursed, you must submit the form no later than 14 days after the student has received the disbursement notification. If you wish to reduce or cancel a PLUS Loan more than 14 days after the student has received the disbursement notification, you must contact your loan servicer directly.

The disclosure statement will provide comprehensive information about the type s of loan s , loan amounts, the loan period, and anticipated disbursement dates.

You should save every Disclosure Statement your receive for future reference, and can also access them online at any time by logging in to StudentLoans. The Department will inform our office about the outcome of the credit decision.

Grad PLUS Loan borrowers do not have to make any payments while enrolled in school at least half-time, and for an additional six months after they graduate, leave school, or drop below half-time enrollment.

Please contact your loan servicer for more information about repayment options. To avoid complication with the return of funds, it is recommended that you submit the form to our office for processing well before the funds disburse to your UMBC student account.

If the loan has already disbursed, you must submit the form no later than 14 days after you have received the disbursement notification. If you wish to reduce or cancel a Grad PLUS Loan more than 14 days after you have received the disbursement notification, you must contact your loan servicer directly. The disclosure statement will provide comprehensive information about the type s of loan s , loan amounts, the loan period, and anticipated disbursement dates.

Eligibility Requirements You must be working toward a financial aid eligible graduate degree or approved certificate at UMBC. You must meet the basic eligibility criteria for Federal Student Aid. Upon final approval from the Department of Education, the loan will show as anticipated aid on your fee bill. Funds for the loan will disburse to your student account approximately 10 days prior to the start of classes.

Menu Home Where do I begin? If credit denied, the parent will be presented with four options at the end of the web application process: I want to obtain an endorser.

This option requires the parent borrower to find an endorser i. The student will be offered any additional Stafford Loan eligibility via the Student Administration System at http: The funds will be issued to the student by the Office of the Bursar. Repayment of the Federal PLUS loan principal and interest begins 60 days after the final disbursement for the loan period.

Deferments are available for a parent who wishes to postpone repayment while the dependent student is enrolled on at least a half time basis. During the application process, the parent borrower will be able to select whether or not to defer the loan. Note that interest continues to accrue on the PLUS loan during periods of deferment or forbearance.

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Applying for a Parent PLUS Loan involves four steps: Together, you and your student must fill out the Free Application for Federal Student Aid (FAFSA), if you haven't already done so. Complete the "Request a PLUS Loan" option on the freeadultwebcam.cf website. Families must submit the FAFSA (Free Application for Federal Student Aid) to apply for the Parent PLUS Loan. It’s always a good idea to submit the FAFSA anyway, as your child may be eligible for other grants, student employment, or federal student loans. Eligibility for the Grad PLUS Loan does not depend on demonstrated financial need, but you need to file the FAFSA (Free Application for Federal Student Aid) .

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