FEDERAL DIRECT PARENT PLUS LOANS
Federal Direct PLUS Loans are a credit based loan available to parents of dependent undergraduate students or graduate professional students. The credit check on the PLUS loan is only valid for 180 days. Please submit the PLUS application after May 15th. Learn more about federal student loans at studentaid.gov/loans. What are the eligibility requirements for a parent to get a Direct PLUS Loan?
5. Follow the steps to complete the application and credit check (credit check results are valid for 180 days only).
• You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing.
6. The results of your credit check will be available immediately. If your credit is approved, you will be given instructions for completing a PLUS loan Master Promissory Note. If your credit is not approved, you will have the option to (1) not pursue the loan,* (2) obtain an endorser or (3) appeal the credit decision.
• Your child must be a dependent undergraduate student who is enrolled at least half-time at a school that participates in the Direct Loan Program. • You cannot have an adverse credit history (a credit check will be done). • In addition, you and your child must be U.S. citizens or eligible noncitizens (see StudentAid.gov/noncitizen), not be in default on any federal education loans, not owe an overpayment on a federal education grant and meet other general eligibility requirements for the federal student aid programs.
How to apply for a Parent Plus Loan: 1. The student must submit a Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov. 2. The parent borrower must complete an online PLUS Loan application at studentloans.gov. 3. To sign in, the parent borrower will need: • A Federal Student Aid ID (FSA ID) and password. To create your Federal Student Aid ID and password go to fsaid.ed.gov. 4. Select APPLY FOR A DIRECT PLUS LOAN on the home page and choose Direct PLUS Loan for Parent.
*If the credit check is declined and the parent borrower wishes
not to pursue the loan, the student is eligible for an additional unsubsidized loan. This additional unsubsidized loan will be awarded to the student and a new award letter will be sent to the student for acceptance. The additional unsubsidized amounts for freshmen and sophomores will be $4,000 and juniors and seniors will be $5,000.
7. If the PLUS loan is approved, you must complete a Parent PLUS Loan Master Promissory Note. • Click on COMPLETE LOAN AGREEMENT (MASTER PROMISSORY NOTE) from the home page, in the center of the page. • Choose PLUS MPN FOR PARENTS and click on the START button to begin. Make sure your name (the parents’ name) is at the top of the page as the borrower. The Department of Education will send notification to Tiffin University once the application and master promissory note have been completed and accepted. QUESTIONS: Please contact the Office of Financial Aid at 419.448.3279 or by email at finaid@tiffin.edu, or contact Federal Direct Loan Borrowing Services at 800.557.7394.
FINANCIAL AID OFFICE . 155 Miami Street, Tiffin, OH 44883 . 419.448.3279 . Fax 419.443.5025 . finaid@tiffin.edu . tiffin.edu/finaid Tiffin University’s Non-Discrimination Policy and reporting information is available at tiffin.edu/institutionaldiversity/
