How to Apply for a Parent Plus Loan

The Parent PLUS Loan can help pay for your child’s education, but how do you apply? Get all the information you need to know about how to apply for a Parent PLUS Loan here.

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Introduction

If you’re a parent of a dependent student who is enrolled at least half time in a degree program, you may be able to apply for a Parent PLUS Loan to help cover the cost of their education. The application process is simple and only takes a few minutes to complete.

Here’s what you’ll need to do to apply for a Parent PLUS Loan:

1. Complete the Free Application for Federal Student Aid (FAFSA).

2. Select the option to apply for a Parent PLUS Loan on your FAFSA form.

3. Sign in to StudentAid.gov with your FSA ID and complete the PLUS Loan Application.

4. Complete the Master Promissory Note (MPN). You’ll need to sign this agreement before your loan can be disbursed.

5. Once your loan is approved, your child’s school will disburse the funds to cover their tuition and other expenses.

What is a Parent Plus Loan?

A Parent PLUS Loan is a federal student loan available to parents and stepparents of dependent undergraduate students. PLUS Loans help pay for education expenses up to the cost of attendance minus any other financial aid received.

The U.S. Department of Education is the lender for Parent PLUS Loans. To receive a Parent PLUS Loan, parents must complete a Master Promissory Note (MPN) at www.StudentLoans.gov, and undergo a credit check. If you are approved, you can borrow as much as you need, up to the cost of attendance minus any other financial aid your child receives. In order to be eligible, your child must be enrolled at least half-time in an eligible program at an eligible school

Applying for a Parent Plus Loan

The Parent Plus Loan is a great way to help your son or daughter pay for their education. In order to apply for the loan, you will need to fill out a FAFSA form and then complete the Parent Plus Loan application. The loan can be used for tuition, fees, room and board, and other education-related expenses.

The first step: complete the FAFSA

Before a parent can apply for a Parent PLUS Loan, the student must first complete the Free Application for Federal Student Aid (FAFSA). The FAFSA becomes available each year on October 1st for the following academic year. For example, the FAFSA for the 2020–2021 academic year will be available on October 1, 2019.

The FAFSA must be completed and submitted every year in order to be eligible for federal student aid, including Parent PLUS Loans. If you’re not sure which academic year’s FAFSA you need to complete, check with your child’s school.

Parents can’t sign the FAFSA with their electronic signature until after the student has completed and signed their portion of the application.

The second step: complete a Parent Plus Loan Application

Now that you have an idea of what a Parent PLUS Loan is and whether or not you’re eligible, it’s time to start the application process. The first step is to complete a Free Application for Federal Student Aid, or FAFSA. You can complete the FAFSA online at fafsa.gov.

The second step is to complete a Parent PLUS Loan Application. You can do this online at studentaid.gov/plus-loan-application. Once you’ve completed the application, you’ll need to sign it and then submit it to the school that your child is attending.

The school will then review your application and determine whether or not you’re eligible for the loan. If you are, they will send you a Promissory Note, which is a legal document that outlines the terms and conditions of your loan. Once you’ve signed and returned the Promissory Note, the school will disburse the loan funds to your child’s account.

The third step: complete a Master Promissory Note

The next step in applying for a Parent PLUS Loan is to complete a Master Promissory Note (MPN). This document is a legally binding contract between you and the U.S. Department of Education. It lists the conditions under which you agree to repay your loan, and it explains your rights and responsibilities as a borrower.

You can complete your MPN at StudentLoans.gov or by downloading the MPN PDF from the forms section of this website. If you complete your MPN online, you may be able to take advantage of electronic features that make repaying your loan easier.

If you’re completing a paper MPN, remember to sign and date the form before mailing it to the address listed on the form.

Conclusion

Now that you know how to apply for a Parent PLUS Loan, it’s time to get started. The sooner you complete the application process, the sooner you can start receiving funds to help pay for your child’s education. Best of luck!