A-B Tech InfoBase

We're here to help you find quick answers to common questions. Use the search box to look up key words or browse through the categories below.
Can't find what you're looking for? Click here to email us your question or call us at (828) 398-7900.


Parent PLUS Loan

Parent PLUS Loan

Summary

Steps to applying for a Parent Loan for Undergraduate Students (PLUS)

Overview

A Parent Loan for Undergraduate Students (PLUS) is a federal direct loan for which parents can apply. This is only available for dependent students. For more information about Parent PLUS loans, go to studentaid.ed.gov/sa/types/loans/plus.

Steps to Apply

  1. Complete the regular financial aid application process
    Your child must have completed the FAFSA, using A-B Tech's school code 004033. The student should watch their student email account and provide any further documentation that A-B Tech requests. Detailed instructions are available in our FAFSA and How to Apply for Financial Aid article.
  2. Complete a Direct PLUS Loan Worksheet for the correct year
    The Direct PLUS Loan Worksheet is available at abtech.edu/financial-aid under "Forms and Resources." It will ask for the requested amount and allow you to certify whether any excess funds should be sent to the student or the parent.
  3. E-sign your Federal Direct Master Promissory Note (MPN)
    You are required to complete a PLUS MPN before loan funds can be disbursed. By signing the MPN, you authorize the Department of Education to perform a credit check to determine your eligibility for the PLUS loan. You can complete the MPN by signing into studentloans.gov with your FSA ID Number.

Receiving Parent PLUS Loans

Loans will be disbursed in multiple payments for each semester, after the student is actively attending at least six credit hours. The anticipated dates for Financial Aid disbursements can be found by visiting the Financial Aid Dates & Deadlines page and selecting the link for the correct semester.

If you (the parent) choose to have the excess funds disbursed to you, a paper check will be mailed to you. If you choose to have excess funds disbursed to the student, the loan funds will be disbursed through the preference set up with BankMobile in the same way as the regular financial aid disbursement.

Interest Rate and Fee Information

Information on current interest rates and loan fees is available on the Federal Student Aid website.

 

Key Words: Parent Plus Loan, PLUS, parent, direct loan, loan 

Attached Files
There are no attachments for this article.
Related Articles RSS Feed
Financial Aid Suspension
Added on Tue, Oct 30, 2012
Entrance Counseling
Added on Wed, Oct 2, 2013
FAFSA and How to Apply for Financial Aid
Added on Fri, Oct 19, 2012
Divorce/Separation and Financial Aid
Added on Wed, Jan 16, 2013
Financial Aid and Criminal Convictions
Added on Mon, May 11, 2015
Work-Study
Added on Mon, Oct 29, 2012
Divorced Parents and FAFSA
Added on Wed, Jan 23, 2013
FAFSA Assistance by Appointment
Added on Fri, Jan 18, 2013
School Code for Financial Aid
Added on Fri, Oct 26, 2012