Parent PLUS Loan Application Process
The Parent PLUS loan application process can vary from school to school. In some cases, parents can apply online through StudentLoans.gov, while other schools may require the parent to start the application process through their own system or on paper. To find out how the process will work for you, you should contact the financial aid office at your student's institution.
If your school directs you to use StudentLoans.gov, find out how to apply for the Parent PLUS loan below.
Step 1: Submit the FAFSA
Families must submit the Free Application for Federal Student Aid (FAFSA) in order to apply for the PLUS loan. It's always a good idea to submit the FAFSA anyway, as your child may be eligible for other grants or federal student loans.
Note that in situations of divorce, either parent (or both) may apply for the PLUS loan. It does not have to be the parent who completed the FAFSA.
Step 2: Request the Loan through StudentLoans.gov
Step 3: Sign the Master Promissory Note (MPN)
The same parent who completes the PLUS Loan Request must sign the MPN before aid can be disbursed. The MPN is also available at StudentLoans.gov.
Note that an MPN is good for 10 years, so you may only need to sign this on the first application. However, each subsequent PLUS loan will initiate a new credit check.
In the case where two different parents would like to apply for PLUS loans, each must complete this application process separately. If requesting funds in the same year for the same student, the total combined amount may not exceed the student's Cost of Attendance.
PLUS Loan Application Tutorial
For additional help completing the Parent PLUS application online, check out this helpful video from Southern Virginia University.
How to Cancel a PLUS Loan
If you wish to cancel all or part of your PLUS loan, you can do so by contacting the school's financial aid office. If the funds have already been disbursed, you may still be able to cancel the funds within a certain timeframe and should check with the school for more information.
PLUS Loan Refunds
In cases where the student's account has a credit balance, parents have the option to accept the refund or have the refund issued to the student. You can specify the recipient of leftover funds during the application process, or contact the school to update this.