How to Apply for a Direct Parent PLUS Loan

  • Go to http://www.studentloans.gov/. Sign in using the parent’s Department of Education PIN (the same one used to sign the FAFSA)
  • Request a Direct PLUS Loan
  • Complete the PLUS Master Promissory Note

If the parent borrower does not have a PIN or has lost one, please visit http://www.pin.ed.gov/.

Interest Rate

The Direct Parent PLUS Loan is a fixed interest rate loan with an anticipated rate of 7.21%. Interest accrues from the time of disbursement.

Loan Fees

There is a 4.288% loan origination fee on all Direct PLUS Loans.

For more information regarding PLUS Loans visit: http://studentaid.ed.gov/types/loans/plus

Direct Parent PLUS Loans

Crown College participates in the Federal Direct PLUS Loan Program. These are loans for parents of dependent undergraduate students to help pay for the cost of a child's education after high school. The U.S. Department of Education is the lender for this program. 

Features

Parents may borrow up to the cost of attendance less other aid. A credit check is performed during the application process. The minimum payment is $50/month.

Repayment

The Direct PLUS Loan enters repayment once the loan has been fully disbursed.

A parent borrower may request that repayment be delayed until six months after the student graduates or is no longer enrolled at least half-time. To request a deferment, parents must contact their loan servicer.

What happens if the Direct PLUS loan is denied?

If your application is denied due to credit, you will receive notification from the Direct Loan Servicer. You may then choose to have a credit override completed by the servicer, have a third party endorser co-sign the loan with you, or your student may borrow additional funds through the Unsubsidized Stafford Loan program. If you choose the last option, the student borrower must inform the Financial Aid Office in writing of their intent to borrow this additional amount.