GENERAL INFORMATION FOR FEDERAL DIRECT PARENT PLUS LOAN BORROWERS
The Federal Direct Parent PLUS Loan is a federally insured, fixed interest rate loan for parents of eligible dependent students. The current interest rate is 6.31%. A fee can include a 4% origination fee.
To borrow a Federal Direct Parent PLUS loan for a student, the parent must be the student’s biological mother or father. A stepparent is also eligible to borrow a Federal Direct Parent PLUS loan if their income and assets would be taken into account when calculating the dependent student’s EFC. A parent must meet the same citizenship and residency requirements as a student. Walsh College requires that the student and parent must both complete the FAFSA to ensure all Title IV federal eligibility requirements are met.
Federal Direct Parent Plus loans require that the borrower cannot have adverse credit history.
Federal Direct Parent PLUS loans are limited to the cost of education less any other aid. The school is required to certify that the student is eligible for the amount requested by the parent. The student must be enrolled at least half-time at Walsh College for the requested loan period.
If you the parent wish to apply for a Federal Direct Parent PLUS loan, in addition to filing the FAFSA you must complete and submit the
Federal Direct Parent PLUS Loan Information Form to the Financial Aid Office. You will also be required to complete a Federal Direct Parent PLUS Master Promissory Note at www.studentloans.gov before the Financial Aid Office will originate a PLUS loan. You will need the four (4) digit PIN number you used to sign your son/daughters Free Application For Federal Student Aid (FAFSA) to sign the Federal Direct Parent PLUS MPN.
If your credit is approved, the loan will be disbursed according to the scheduled disbursement date(s).