Direct Parent Plus Loan
(for PARENTS of undergraduates only)
If a parent is interested in obtaining a Parent Plus loan, the parent must follow the steps below.
|STEP 1: Request a Federal Direct Parent PLUS Loan: One parent will request a Parent PLUS loan. A credit check will be initiated. If the loan is approved, the parent will then need to complete Step 2 below unless they already have a Direct Plus Loan MPN on file with the Department of Education. If the loan is denied, the parent will be given several options. The parent may obtain an endorser or appeal the decision. If the parent does not wish to appeal or obtain an endorser, the student may request additional Direct Stafford Unsubsidized loan.|
|STEP 2: Master Promissory Note (MPN): All NEW DIRECT LOAN borrowers must complete a Master Promissory Note. Once completed, it is good for 10 years. PLUS borrowers who are denied with an adverse credit history, but are determined eligible by appeal because of satisfactorily meeting the extenuating circumstances provision OR by obtaining an endorser, are REQUIRED to complete special PLUS loan counseling.|