Late fees will be assessed if the loan process is not finalized by the semester bill due date. During the application process, the parent borrower will be able to select whether or not to defer the loan. Go to the Department of Education website — https: The parent borrower will undergo a credit check with the U. Summer-only loans are also available.
Federal Direct PLUS Loan Facts
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. If you have previously completed either a Direct Loan MPN or a Direct PLUS Loan Application, some of this information may be populated for you. You should review all . PLUS loans are federal loans that graduate students and parents of dependent undergraduate students can use to help pay for college or career school. the application process, and repayment. Can I still receive a Direct PLUS Loan if I have an adverse credit history? How do I apply for a Direct PLUS Loan?
Learn how to apply for the Parent PLUS loan
You must authorize Penn State to use loan funds to satisfy other charges such as tuition, fees, and room and board. Penn State cannot change your selection once you have submitted your application. You will have to cancel your application with Penn State and re-apply. Finally, you will send your loan request to Penn State by entering our school name or school code on the request form. Please ensure you are sending your application to the Pennsylvania State University, not The University of Pennsylvania.
You will need to decide in advance how much money you wish to borrow. You most likely will not need to borrow the maximum allowable amount. Remember to account for the origination fee when calculating the amount of your loan. Next, you must select a loan term period. The Full Academic Year option will split the requested amount between the fall and the spring semesters. However, you can choose to have the loan directed to only the fall, or only the spring semester. Summer-only loans are also available.
Next, you must enter your borrower information. Please ensure that you enter your personal information correctly, as incorrect information will prevent the loan from disbursing. Finally, you will choose the option to submit your loan for a credit check. You will receive your credit decision a few moments after submitting. Please note, unlike for the Federal Direct Loans, this MPN must be completed by the parent requesting the loan and not by the student.
If the loan is denied, you will be given the options to select Obtain an endorser, otherwise known as a creditworthy cosigner, Document extenuating circumstances, or you can select No Action — Process extended unsubsidized Federal Direct Loan. The amount of the additional unsubsidized award depends on the number of credit the student has already completed.
All refunds to the parent borrower will be mailed home to the address entered on the Parent PLUS loan application. Go to the Department of Education website — https: Complete all requested data and authorize the Department of Education to check your credit. 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. How much will my parent have to pay each month? Borrowers with adverse credit, a defaulted federal student loan, or who owe an overpayment on a Federal Student Aid grant are not eligible.
If credit denied, you will be presented with these four options at the end of the application: